Bank of Ireland Expands its Agency Services Offering
Bank of Ireland Corporate Banking today (Friday, 21st March 2014) announced that it is further expanding its services to include a Third Party Agency service. Bank of Ireland currently provides a range of in-house agency payment and administration services. This offering is now being expanded to include agent services to syndicate deals between third parties not involving the bank.
The Third Party Agency service will be managed within the bank’s Corporate Banking business by its Agency team. With team members in both Dublin and London, the team’s role is to facilitate the administration of a loan on a daily basis on behalf of the other syndicate banks. This service will be available to corporate borrowers and lenders in both the Irish and international syndicated and club loan markets. It will allow third party financial institutions access to Bank of Ireland’s agency specialists – a growing team, which currently manages in excess of €10bn of agency transactions.
Commenting, Tom Hayes, Chief Executive of Bank of Ireland Corporate Banking, said: “As the number one corporate bank in Ireland, we are constantly looking to enhance the overall lending experience for customers with initiatives that complement our existing service offering. As part of this strategy, we are delighted to announce the new Third Party Agency service, which follows the establishment of an Escrow Agency Service in June of last year. Our Third Party Agency service has been designed in response to market demand to provide both lenders and borrowers with an orderly and efficient transfer of agency duties in cases where the incumbent has resigned or been removed”.