banking institution
/ˈbæŋ.kɪŋ ɪn.stɪˈtju.ʃən/ · bank·ing in·sti·tu·tion
noun
- A financial organization that provides banking services, such as accepting deposits and making loans. The banking institution was founded in 1875 and has since grown to become one of the largest in the country.
- A company or organization that provides banking services, but is not a traditional bank. The fintech startup is a banking institution that offers mobile banking services to its customers.
Did you know? The oldest continuously operating banking institution in the world is the Banca Monte Dei Paschi di Siena, which was founded in 1472 in Italy.