Chapter 3 Correspondent Banking Correspondent Relationship ? Correspondent bank ? Its definition: “ A bank having direct connection or friendly service relations with another bank. ”? Its function: It is the basis for banks' cooperation all over the world in order to fulfill international settlement. Conception of correspondent bank Conception of correspondent bank ? Collecting checks, drafts, and other credit instruments; ? Making loan or investments as agents for their customer bank; ? Making credit investigations on firms that borrow in open market; ? Providing banks with foreign exchange facilities. Services provided by correspondent bank Services provided by correspondent bank Establishment of Correspondent Relationship Establishment of Correspondent Relationship ? Sign Correspondent Agreement ? Exchange Control Documents ? Exchange the specimen of Authorized Signature ? Exchange Schedule of Terms and Conditions ? Define Telegraphic test key( or use SWIFT authentic key) Select
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