Financial Dictionary
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 Commentary
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.
See also: Broker, Broker-Dealer, Dealer, Financial Supermarket