RealTime IT News

Cameco Deal Uses Royal Bank's New "Cyber-Syndications" Service

Royal Bank of Canada is leading the way into a new era of "cyber-syndications" through its agreement with New York-based IntraLinks to offer Internet loan syndication services to clients and investors.

Royal Bank's syndications groups now have access to technology known as IntraLoans for the secure distribution of large loan transactions within countries and across international borders over the Internet. The bank is the first Canadian financial institution to enter into a full service agreement with IntraLinks.

IntraLinks uses IBM's Lotus Notes technology and Internet security and digital encryption protocols. Banks selected to participate will receive a password and ID, and can then log onto Royal Bank's IntraLinks site to access details of a transaction in real time. The system can also be used to communicate approvals and acceptances.

Cameco Corporation, recently launched a $400 million syndicated financing with Royal Bank as Arranger and Administrative Agent using IntraLinks. Cameco Corporation, with its head office in Saskatoon, Saskatchewan, is the world's largest publicly-traded uranium company and a growing gold producer.

Since the introduction of IntraLinks' service in June 1997, it has delivered more than US$35 billion in financial transactions.