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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 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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