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clearing bank

British

noun

(in Britain) any bank that makes use of the central clearing house in London for the transfer of credits and cheques between banks

"Collins English Dictionary — Complete & Unabridged" 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

Example Sentences

Examples are provided to illustrate real-world usage of words in context. Any opinions expressed do not reflect the views of Dictionary.com.

On Sunday, a consortium of investors led by The Bank of London, a clearing bank, submitted a formal bid to buy SVB UK.

From BBC • Mar. 12, 2023

A consortium of investors led by The Bank of London, a clearing bank, said it had submitted a formal bid.

From BBC • Mar. 12, 2023

Sky News had reported earlier on Saturday that a British clearing bank, the Bank of London, was considering a rescue bid for the UK arm of SVB.

From Reuters • Mar. 11, 2023

JPMorgan normally acts as a U.S. clearing bank for lenders operating in Malaysia.

From Reuters • Apr. 1, 2016

A. This bank might be called strictly a clearing bank.

From Readings in Money and Banking Selected and Adapted by Phillips, Chester Arthur

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023