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English definition of “correspondent banking”

correspondent banking

noun [U]
 
 
BANKING
the act of a small foreign bank using a larger local bank to do its business in places where it has no office: An offshore affiliate of Argentina's Banco Republica had a 10-year correspondent banking relationship with Citibank in New York. Correspondent banking is the most common means of making international payments.
(Definition of correspondent banking from the Cambridge Business English Dictionary © Cambridge University Press)
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