It is no secret that global correspondent banking relationships have been on the decline. A report by Accuity has reported that global relationships have fallen by as much as 25% from 2009-2016, while the frequency with which major banks are being used as correspondent banks has fallen by 30% for the same period. The report also shows that the U.S., E.U. and the U.K. saw declines in the number of bank head offices, declines in the number of branches and declines in the absolute number of banks, primarily due to increases in consolidation.
In stark contrast to this global phenomenon is China. From 2009-2016 China has seen an increase in correspondent banking relationships of 3,355% (65 to 2246). The number of banks has grown by 133% (421 to 983), while branch locations have increased by 65%.