correspondent banking Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “correspondent banking” in the English Dictionary

"correspondent banking" in Business English

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correspondent bankingnoun [U]

uk   us   BANKING
the ​act of a ​smallforeignbank using a larger ​localbank to do its ​business in ​places where it has no ​office: An ​offshoreaffiliate of Argentina's Banco Republica had a 10-year ​correspondentbankingrelationship with Citibank in New York. Correspondent ​banking is the most common ​means of making ​internationalpayments.
(Definition of correspondent banking from the Cambridge Business English Dictionary © Cambridge University Press)
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