Meaning of “correspondent banking” in the English Dictionary

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"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)