从法律和业务上讲，海外分行是总行的一个组成部分，是总行在当地的全资子机构。
Bank of China Macau Branch which is the ninth overseas branch of the head office of Bank of China,has good social prestige and sufficient fund of disbursement. After 57 years of development,it makes great progress in intermediate business.
中国银行澳门分行是中国银行总行第九家海外分行,具有良好的社会信誉和雄厚的资金实力,经过57年的发展,该行的中间业务取得了很大的进步。
参考来源 - 中国银行澳门分行中间业务发展策略研究·2,447,543篇论文数据，部分数据来源于NoteExpress
此外，我们于纽约、洛杉矶及新加坡设有海外分行。
Our overseas operations include branches in New York, Los Angeles and Singapore.
其中最为关键的一个问题是，总行是否有义务替其海外分行偿还存款。
The key problem is whether head office has a duty to repay deposits at its overseas branch or not.
从合约理论来看，代理行是一种市场合约，海外分行是一种企业合约。
The agency is a kind of market contract while overseas branch is enterprise contract in terms of contract theory.
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