The best replacement for subsidiary is affiliate.

The best alternatives to subsidiary are rated as following:
★★★★★  affiliate
★★★★  branch
★★★★  division
★★  joint venture
★★  dba
★  entity
★  associate
★  separate company
★  wholly owned subsidiary
★  sister company
★  subsidiary
  holding company
  branch office
  franchise
  parent company
  daughter company
  branch bank
  affiliate definition
  associated company
  permanent establishment
  related party
  affiliate company
  parent
  jv
  segment
  business unit
  affiliates
  foreign branch
  branch us

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Speaking about subsidiary, one probably shouldn't forget about subsidiary.

Other search terms related to subsidiary and their ratings are:
★★★★★ subsidiary
★ parent company
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Google Trends

Scale is based on the average worldwide traffic of subsidiary in all years. Click on graph for more.
subsidiary
affiliate
branch