A representative office

Question

Quizplus · Accepted Answer

A representative office is a small service facility that is staffed by parent bank personnel and is designed to assist multinational corporation (MNC) clients of the parent bank in dealings with the bank's correspondents. It is essentially an extension of the parent bank that provides limited services to clients in a foreign country where the parent bank does not have a branch. Option A is incorrect as lawyers' offices are not referred to as representative offices. Option C is incorrect as a representative office is staffed by parent bank personnel, not correspondent bank personnel. Option D is incorrect as there is a correct option.

A Representative Office