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BOV Set To Lose Its Last US Correspondent Bank

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BOV will lose its only remaining correspondent bank for the US dollar, after Raiffeisen Bank International revealed it is seeking to terminate the relationship from 31st March 2021.

BOV said it is in discussions with the bank over the issue, with a view to satisfying any concerns and restoring the position. BOV is also actively considering alternative channels for US dollar transactions.

Dutch bank ING terminated its correspondence relationship with BOV last December, with the bank pledging to lower its risk profile and to strengthen its anti-financial crime structures, policies and systems.

BOV only opened its relationship with Raiffeisen Bank International over the summer.

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