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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

Former senior U.S. sanctions officials, however, said this confidence was misplaced as the dollars would still have to ultimately go through a U.S. clearing bank in order to convert them.

From Reuters • Feb. 16, 2022

JPMorgan was Lehman's main clearing bank, acting as a go-between in its dealings with other parties.

From Reuters • May 10, 2011

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