(1) In the securities underwriting business: where banks that are not members of an underwriting syndicate participate in an issue; the sub-participating banks participate to a certain extent in the rights and obligations of the syndicate. Sub-participation is an attractive option for banks not included in a syndicate. By granting sub-participations, the syndicate banks can reduce their own risk exposure and access a broader group of investors. (2) In the lending business: if a large loan is granted to a borrower, several banks can join together to act as the lender. Each bank provides part of the loan, but only the lead bank deals directly with the client. The lead bank refers to the credit facilities provided by the other banks as sub-participations