BIC Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “BIC” in the English Dictionary

"BIC" in Business English

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BICnoun [C]

uk   us   /bɪk/ BANKING
abbreviation forbank identifier ​code: a set of ​numbers, ​letters, or ​symbols that ​identifies a ​bank, and is used by ​financialorganizations to do ​business between ​banks: If a ​persontransferringmoneyquotes both their IBAN and their BIC, they will ​incurreducedbankcharges for the ​transaction.
abbreviation for Bank Investment Contract: a ​formalagreement 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 ​straightcashinvestment.
(Definition of BIC from the Cambridge Business English Dictionary © Cambridge University Press)
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“BIC” in Business English

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