clearing bank

noun

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

Example Sentences

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

British clearing bank The Bank of London is considering a rescue bid for the UK arm of collapsed U.S. bank Silicon Valley Bank , Sky News reported on Saturday.

From Reuters

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

From BBC

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

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