Organizations that accept deposits, make loans, and provide a range of financial services to individuals, businesses, and governments. The category encompasses commercial banks, investment banks, credit unions, savings institutions, and building societies, each serving distinct roles within the financial system. Banking institutions are regulated by governmental and central bank authorities to ensure solvency, protect depositors, and maintain public confidence in the monetary system.
Example
“Major banking institutions reported record quarterly profits as rising interest rates widened the spread between their lending rates and deposit costs.”