1. In
banking, a group of
banks that each
lend an amount of
money to a borrower, all at the same time and for the same purpose. The banks in a syndicate cooperate with each other for the duration of the project, even if they are otherwise competitors. Bank syndicates usually only lend large amounts of money. Every syndicate is a temporary arrangement.
2. In
investment banking, a group of
underwriters responsible for placing a new
issue of a
security with
investors. As with banking syndicates, the members of an underwriting syndicate work together for the duration of the project. Every syndicate is a temporary arrangement. It is also called a purchase group or a selling syndicate.