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English definition of “clearing bank”

clearing bank

noun [C]
 
 
(also clearer) BANKING
in the UK, one of the main banks, that can exchange cheques and other payments between customers of other banks: The four clearing banks in Scotland are Bank of Scotland, Clydesdale Bank, Lloyds TSB and the Royal Bank of Scotland.
(Definition of clearing bank from the Cambridge Business English Dictionary © Cambridge University Press)
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