Agency bank

Agency bank

A form of organization commonly used by foreign banks to enter the US market. An agency bank cannot accept deposits or extend loans in its own name; it acts as agent for the parent bank. It is also the financial_institution that issues ADRs to the general market.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Agency Bank

A separately incorporated branch of a foreign bank inside the United States. Agency banks cannot make loans or take deposits in their own name; rather, they do so on behalf of the parent bank in the foreign country. They also are the main issuers of American Depository Receipts.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
"The purpose of the informal meetings would be to maintain a line of communication with the agency bank and to have first-hand information and feedback on government business being conducted by it.
The scope of the review/inspection will now also cover government business at the Head Offices of agency banks. Various branches and Centralised Pension Processing Centres (CPPCs) will continue to be visited as hitherto.
That's why politics is still a driving force in corporate finance, says Patricio Baus, general manager for Ecuador at the risk-ratings agency Bank Watch, a unit of the Fitch ratings agency.
GSTN has tied up with 25 agency banks authorised by the RBI to collect taxes, he said.
Most of the agency banks designated to collect the dues also have online payment facilities to pay taxes.
The agency banks are compensated at Rs 65 per transaction for handling pension computation, payment and related services on behalf of central and state governments.
The banking regulator has designated 29 public and private sector banks as agency banks to accept payments of income-tax dues.