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English definition of “BIC”

BIC

noun [C]
 
 
/bɪk/ BANKING
abbreviation for bank identifier code: a set of numbers, letters, or symbols that identifies a bank, and is used by financial organizations to do business between banks: If a person transferring money quotes both their IBAN and their BIC, they will incur reduced bank charges for the transaction. → Compare IBAN, SWIFT™ code
abbreviation for Bank Investment Contract: a formal agreement between a bank and an investor which promises that the investment will pay a particular amount of money over a particular period of time: A company that benefits from the BIC fund gets more than a straight cash investment.
(Definition of BIC from the Cambridge Business English Dictionary © Cambridge University Press)
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