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Correspondent
(redirected from Foreign bureau)

   Also found in: Dictionary/thesaurus, Legal, Encyclopedia, Wikipedia 0.01 sec.
Correspondent
A financial organization that performs services (acts as an intermediary) in a market for another organization that does not have access to that market.

correspondent
A financial organization such as a securities firm or a bank that regularly performs services for another firm that does not have the requisite facilities or the access to perform the services directly. For example, a member of a securities exchange may execute a trade for a nonmember firm.

Correspondent. A correspondent is a financial institution, such as a bank or brokerage firm, that handles transactions on behalf of another financial institution that it can't complete on its own.

For example, if a US bank has a client who needs to make a payment to a supplier located overseas, the US bank would use its relationship with a correspondent bank in the supplier's home country to credit the supplier's bank account with money from its own client's account that had been transferred through an international payment system.



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Their swagger and ranks have diminished drastically, however, with the decline of foreign bureaus.
The partnership between CBS News and Global Post comes as many US news organizations are closing their foreign bureaus and cutting back on foreign coverage because of a steep slide in advertising revenue.
Xinhua news agency, which already reports from more than 100 countries and territories, also plans to open more foreign bureaus.
 
 
 
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