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Correspondent Bank

   Also found in: Dictionary/thesaurus, Medical, Legal, Encyclopedia, Wikipedia 0.03 sec.
Correspondent bank
Bank that accepts deposits of, and performs services for, another bank (called a respondent bank); in most cases, the two banks are in different cities.

Correspondent Bank
A bank that has limited access to certain financial markets and therefore must use the services of another bank to conduct certain transactions. Correspondent banks are usually small. Agreements with other banks allow it to provide necessary services for account holders without incurring the expense of setting up a branch in another city or country.


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through one of its correspondent banks in Nicaragua, has agreed to provide the financial guarantees required under our contracts.
Summary: Adds six new banks to network in India and Philippines -- Emirates India International Exchange (EIIE), one of UAE's most established exchange houses, recently announced its tie-ups with new correspondent banks in India and the Philippines.
We are now working with important international commercial and correspondent banks on a daily basis .
 
 
 
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