A financial organization that performs services (acts as an intermediary) in a market for another organization that does not have access to that market. Bloomberg Financial Dictionary
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correspondent cor‧re‧spon‧dent [ˌkɒrˈspɒndənt ǁ ˌkɔːrˈspɑːn-, ˌkɑː-] noun [countable]
1. a person or organization, especially one in a foreign country, that you regularly do business with:
• Among a wide circle of friends and correspondents, Cayley seems to have been recognized as a generous and modest man.
• Banks, by overseas representation and correspondents, are able to provide advice on economic, financial and commercial conditions in other countries.
• Instructions are sent by airmail to a correspondent bank requesting it to credit the exporter or his bank with an appropriate amount in the exporter's domestic currency.
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correspondent UK US /ˌkɒrɪˈspɒndənt/ noun [C]
► COMMUNICATIONS a person who writes a letter or email: »
an email correspondent
► a person who works for a newspaper, television station, etc. and whose job is to report on a particular subject or from another country: business/labour/legal, etc. correspondent »
Our guest is financial correspondent at the New York Times.
► BANKING a CORRESPONDENT BANK(Cf. ↑correspondent bank)
Financial and business terms. 2012.