No financial facility should be paid by the agent bank
to non-qualified applicants for proposals or business plans which lack technical, financial and economic justification If paid, this offence shall be considered as the illegal occupation of public property.
Several years ago, the record and payable dates of a stock dividend for the ADR of a Japanese company overlapped with its Japanese counterpart, resulting in erroneous distribution of a large number of "bonus" shares, much to the chagrin of the agent bank
, which still is trying to retrieve the shares.
Each agent bank
has control of the payment channel and the customer relationship.
Annual agent bank
fees can run into millions of pounds (GBP) per year.
is aimed at providing low-cost banking to the so-called underbanked.
ICBA Bancard's credit card bank, TCM Bank, N.A., has acquired the agent bank
portfolio of Fifth Third Bank, the company said.
Syndicated loans involve multiple lenders for each borrower with an agent bank
acting as the liaison, transmitting information back and forth among parties.
Fifth Third Bancorp headquartered in Cincinnati, OH is the lead agent bank
of the facility with Wells Fargo & Co.
Apart from Crown Agent Bank
's core operations, the new system will also manage the bank's trade finance business.
The lender also served as initial mandated lead arranger, investment bank and security agent bank
for the transaction.