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 ?
Foreign banks that opened representative offices include Bank of Taiwan, the State Bank of India, Ogaki Kyoritsu Bank Ltd, Wells Fargo Bank, Korea Development Bank, Bank of Singapore Ltd., DBS Bank Ltd, Japan Bank for International Cooperation, Rothschild (Singapore) Ltd.
The BSP also said the IRR highlights the strategic relationships and reciprocity rights and that applicant foreign banks must also be "widely owned" and publicly listed in their home country.
7721, whose policy objective is to build a stronger banking industry by further liberalizing the entry of foreign banks in the Philippines.
BSP Deputy Governor Chuchi Fonacier said more foreign banks are looking at setting up branches and representative offices in the Philippines on the back of the country's sound macroeconomic fundamentals.
The court adjourned the hearing for a month and instructed the finance secretary and SBP governor to provide proposals on how to examine foreign bank accounts and assets maintained by Pakistani nationals.
The BSP in a statement said that with the growth of foreign bank presence, as well as the continued competitiveness of local banks, the financial system "sustained its growth in 2017 with a positive performance amid volatilities in market conditions and the increasing sophistication of global financial services."
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.
The Turkish fund said A&T Bank director general and all board members representing the Libyan Foreign Bank at the A&T were removed from office and they were replaced managers appointed by the fund.
As the first foreign bank to penetrate the Abu Dhabi market, this further underscores our commitment to offering customers new and innovative services that meet their varied needs.
(2) To implement this law, Treasury developed Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), which requires certain U.S.
The foreign bank lender is believed to have done the deal as foreign banks can raise yen through foreign exchange swaps at even lower rates, according to money market participants.
Moreover, a foreign bank is in a better position to evaluate investment projects and protect the confidentiality of information about its clients' projects from its competitors.

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