bank

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Bank

An institution that provides a great variety of financial services. At their most basic, banks hold money on behalf of customers, which is payable to the customer on demand, either by appearing at the bank for a withdrawal or by writing a check to a third party. Banks use the money they hold to finance loans, which they make to businesses and individuals to pay for operations, mortgages, education expenses, and any number of other things. Many banks also perform other services for a fee; for instance they offer certified checks to customers guaranteeing payment to third parties. In some countries they may provide investment and insurance services. With the exception of Islamic banks, they pay interest on deposits and receive interest on their loans. Banks are regulated by the laws and central banks of their home countries; normally they must receive a charter to engage in business. Banks are usually organized as corporations.

bank

a deposit-taking institution which is licensed by the monetary authorities of a country (the BANK OF ENGLAND in the UK) to act as a repository for money deposited by persons, companies and institutions, and which undertakes to repay such deposits either immediately on demand or subject to due notice being given. Banks perform various services for their customers (money transmission, investment advice, etc.) and lend out money deposited with them in the form of loans and overdrafts or use their funds to purchase financial securities, in order to operate at a profit. There are many types of banks, including COMMERCIAL BANKS, MERCHANT BANKS, SAVINGS BANKS and INVESTMENT BANKS. See BANKING SYSTEM, BANK OF ENGLAND, CENTRAL BANK.

bank

a deposit-taking institution that is licensed by the monetary authorities of a country (the BANK OF ENGLAND in the UK) to act as a repository for money deposited by persons, companies and institutions, and which undertakes to repay such deposits either immediately on demand (CURRENT ACCOUNT 2) or subject to due notice being given (DEPOSIT ACCOUNTS). Banks perform various services for their customers (money transmission, investment advice, etc.) and lend out money deposited with them in the form of loans and overdrafts or use their funds to purchase financial securities in order to operate at a profit. There are many types of banks, including COMMERCIAL BANKS, MERCHANT BANKS, SAVINGS BANKS and INVESTMENT BANKS. In recent years many BUILDING SOCIETIES have also established a limited range of banking facilities. See BANKING SYSTEM, CENTRAL BANK, FINANCIAL SYSTEM.

bank

An institution empowered by law to receive deposits, cash checks or drafts, discount commercial paper,make loans,and issue promissory notes payable to the bearer,known as bank notes. American commercial banks fall into two categories:(1) federally chartered and (2) state chartered. Federally chartered banks come under the regulatory and auditing supervision of the United States Comptroller of the Currency.State-chartered banks come under the control of the appropriate state banking authority.Typically the FDIC will audit state-chartered banks and the comptroller's office will audit federally chartered banks.

References in periodicals archive ?
10641, which allowed the full entry of foreign banks.
These are 14 foreign banks of which 13 have branches such as Citi Philippines, Standard Chartered Bank, Deutsche Bank and HSBC.
The majority of the net interbank liabilities of foreign bank offices are made up of foreign bank liabilities, while domestics account only for a small portion.
In addition to MHCB, foreign banks running in the red ink included Japan-based Sumitomo Mitsui Banking Corporation (SMBC), France-based BNP Paribas (BNP), France-based Societe Generale (SG), Switzerland-based Credit Suisse (CS), America-based The Bank of New York Mellon Corporation (BNY MELLON), Holland-based ING BANK N.
RBI every year issues only around 15 branch licenses to foreign banks, which means that most foreign banks, except those that have been around for a while do not have large networks.
The market opened for foreign banks to realise opportunity in this dynamic economy, and this strategic tie up between ALDAR and BarclayCOs illustrates this demand in real estate sector.
Q: A foreign asset-protection trust owns a foreign corporation that has a foreign bank account.
Foreign banks set credit lines for their surplus funds to be deposited in accounts at the BOJ, which carry a zero interest rate, and those to be extended to Japanese banks.
This may be the result of past policies of sometimes discouraging foreign bank entry and discouraging foreign banks f rom moving into a wide range of banking markets.
Now that China is soon to accede to the World Trade Organization (WTO), foreign banks will be presented with new and growing opportunities to exploit the vast local currency (Rmb) markets.
Table on top foreign banks according to pretax profit shows that ANZ Grindlays again took the top slot in 1997 with pretax profit at Rs.
The Bangko Sentral ng Pilipinas (BSP) yesterday said it approved the implementing rules and guidelines (IRR) of the law that allowed more foreign banks to establish a full-owned subsidiary or branch in the country.

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