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What is Bank
Bank is a legal entity, one of the principal financial institution that for the conduct of its activities requires a banking license.

Bank is a legal entity, one of the principal financial institutions that for the conduct of its activities requires a banking license. Activity and the existence of banks is regulated by the state and they are subject to banking supervision. Banks are part of the financial sector.

A wide range of financial services are the subject of bank’s activities:

  • Acceptance of deposits from the public
  • Providing credit
  • Investing in securities on own account
  • Financial leasing
  • Payment and Settlement
  • Issuing and managing means of payment such as credit cards and travelers checks
  • Provision of guarantees
  • Opening letters of credit
  • Collection services
  • Provision of investment services
  • Financial brokerage
  • Depository
  • Foreign exchange service
  • Providing banking information
  • Trading for own account or on behalf of a client in foreign exchange and gold
  • Rental of safe deposit boxes

The national (central) banks have a special position among banks.

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Last update: 31.12.2015

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