Meaning of “shadow bank” in the English Dictionary

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"shadow bank" in Business English

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shadow banknoun [ C ]


an organization or company that is involved in financial activities such as lending or investing money, but is not officially a bank and does not accept deposits, so does not have to obey the same rules as banks:

Shadow banks play an important role in providing credit across the global financial system.

(Definition of “shadow bank” from the Cambridge Business English Dictionary © Cambridge University Press)