What is difference between Consortium and syndication?

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syndication:- it is a process in which one bank which is acting as a lead bank takes the responsibility of arranging the whole amount of loan (which might be huge) for a corporate. since it can not be afforded single handedly, it then calls other banks for participation. the tranches are made and alloted to the banks on pro rata basis of their quotes. the lead bank may also act as an underwriter. it charges a fee accordingly for the range of services it is providing. the borrower's contract is with single bank i.e. the lead bank.
in consortium a large no. of banks the come together to lend a borrower. here also there might be a lead bank and sharing of credit on pro rata basis of quotes but the contract is separate with different banks. there might not be an underwriter present.
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