A locally incorporated bank that is either wholly owned or owned in major part by a foreign parent is called:
A) Correspondent bank
B) Representative office
C) Foreign branch
D) Subsidiary bank

Question

Quizplus · Accepted Answer

A locally incorporated bank that is either wholly owned or owned in major part by a foreign parent is called a subsidiary bank. Correspondent banks are banks that have a relationship with another bank to provide services on behalf of that bank, representative offices are typically established by foreign banks to carry out specific activities on a limited scale, and foreign branches are branches of a foreign bank that are established in another country, but are not locally incorporated.

A Locally Incorporated Bank That Is Either Wholly Owned or Owned