Scope has concluded an agreement with Greensill, a leading provider of working capital finance to companies globally. Under the deal, Scope will become a material partner, providing credit opinions to Greensill Bank AG.
“We are delighted that Greensill Bank has chosen Scope to be its partner in assessing credit quality. Scope works closely with clients to produce credit assessments in an efficient and scalable manner that meets supervisory requirements. The deal demonstrates strong commitment from both parties,” said Florian Schoeller, CEO and founder of Scope Group.
As a unit of Scope Group, Scope Risk Solutions is a sophisticated, high-quality credit risk assessment and monitoring platform providing independent counterparty credit assessments that will enable Greensill Bank to meet regulatory demands for in-house analysis and ongoing management of credit exposures.
Scope Risk Solutions’ provision of service to Greensill Bank falls under the supervisory requirements of BaFin’s comprehensive Minimum Requirements for Risk Management, which governs organisational requirements for internal risk management.
The Greensill Group provides working capital finance across the maturity spectrum. The co-operation with Scope is designed to upgrade the process efficiency and consistency in credit evaluation across the Greensill Group. To that end Scope Risk Solutions is already providing its Assessments Of Credit Risk (AOCR) service to the parent company, Greensill Capital.
Besides the analytical rigour of its credit analysis, the main attributes of Scope’s services for Greensill Bank lie in Scope Risk Solution’s ability to customise the reporting formats to the client’s needs as well as its short response times and the ability to cover multiple asset classes.
Under the partnership arrangement, Greensill Bank can order assessments on as many counterparties as needed. These will grow significantly due to the recent capital injection by Softbank’s Vision Fund. In May 2019, the fund announced an USD 800m investment in Greensill.