NAICS Code 522110-06 - Banks/Overseas-Representative Offices

Marketing Level - NAICS 8-Digit

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NAICS CODE 522110-06
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NAICS Code 522110-06 Description (8-Digit)

Banks/Overseas-Representative Offices is a subdivision of the Commercial Banking industry that involves the establishment of representative offices by banks in foreign countries. These offices are responsible for promoting the parent bank's services and products to potential customers in the foreign country. Banks/Overseas-Representative Offices also provide support to the parent bank's existing customers who are operating in the foreign country. This industry is highly regulated and requires compliance with both domestic and foreign regulations.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 522110 page

Tools

Tools commonly used in the Banks/Overseas-Representative Offices industry for day-to-day tasks and operations.

  • SWIFT (Society for Worldwide Interbank Financial Telecommunication)
  • Foreign exchange trading platforms
  • International payment systems
  • Compliance management software
  • Customer relationship management (CRM) software
  • Risk management software
  • Anti-money laundering (AML) software
  • Financial analysis software
  • Data analytics tools
  • Cybersecurity tools

Industry Examples of Banks/Overseas-Representative Offices

Common products and services typical of NAICS Code 522110-06, illustrating the main business activities and contributions to the market.

  • International trade finance
  • Foreign currency exchange
  • Cross-border payments
  • Global cash management
  • International wire transfers
  • Foreign investment services
  • International correspondent banking
  • Foreign currency accounts
  • International remittances
  • Foreign exchange risk management

History

A concise historical narrative of NAICS Code 522110-06 covering global milestones and recent developments within the United States.

  • The "Banks/Overseas-Representative Offices" industry has a long history dating back to the 19th century when banks started to establish overseas branches to facilitate international trade. One of the earliest examples is the Hongkong and Shanghai Banking Corporation (HSBC), which was founded in 1865 and opened its first overseas branch in Japan in 1866. The industry continued to grow in the 20th century, with many banks establishing branches in major financial centers around the world. Notable advancements in the industry include the development of electronic banking in the 1970s and the globalization of financial markets in the 1990s. In recent years, the industry has faced challenges such as increased regulation and competition from fintech startups. In the United States, the "Banks/Overseas-Representative Offices" industry has a more recent history, with the first overseas representative office established in 1973 by Citibank in Hong Kong. The industry grew rapidly in the 1980s and 1990s, with many banks establishing representative offices in major financial centers such as London and Tokyo. However, the industry faced challenges in the aftermath of the 9/11 attacks and the global financial crisis of 2008, which led to increased regulation and a focus on risk management. Despite these challenges, the industry has continued to grow in recent years, with many banks expanding their operations in emerging markets such as China and India.