Meaning of “BIC” in the English Dictionary

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"BIC" in Business English

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BICnoun [ C ]

uk /bɪk/ us 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.

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)