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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 noun from the Cambridge Business English Dictionary © Cambridge University Press)
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