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The use of a correspondent bank facilitates the transfer of funds abroad.
These principles apply in all correspondent banking arrangements.
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.
Correspondent banks are used by domestic banks in order to service transactions originating in foreign countries, and act as a domestic bank's agent abroad. This is done because the domestic bank may have limited access to foreign financial markets, and cannot service its client accounts without opening up a branch in another country.
банк-корреспондент
скор. CB
банк-кореспондент