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Correspondent

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Dictionary Says

Definition of 'Correspondent'

The name given to a bank, broker, dealer, or financial institution that acts on behalf of another financial institution with limited or restricted access to the financial markets where a transaction must occur.
Investopedia Says

Investopedia explains 'Correspondent'

Commonly done by smaller financial corporations that don't necessarily have the capital to enter into foreign markets and set up new operations. This is a cheaper method of providing international services to clients through agreements and partnerships.

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