What is the name given to a small service facility that is staffed by a parent bank personnel and designed to assist the clients of the parent bank in their dealings with information about local business practices and credit evaluation of the MNC's foreign customers?

Question

Paxton Malone

Business

19 September, 00:57

What is the name given to a small service facility that is staffed by a parent bank personnel and designed to assist the clients of the parent bank in their dealings with information about local business practices and credit evaluation of the MNC's foreign customers?

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Emma Richmond · Answer 1

Answer: A representative Office

Explanation: A representative office is usually set by a parent office (bank) in a location where it does not necessarily warranted but done to service one or a few customers.

A bank will set up a representative office even if it has one Multi national company as a customer in the location.

They generally conduct non-transactional operations, assist the clients with information about the service package available to the client use.