Definition from Wiktionary, the free dictionary
- (banking, pejorative) An entity that illegally performs banking functions.
1991 Jul 23, “A Slam Heard 'Round the World; Closing of BCCI's Doors Leaves...”, Washington Post:
- Regulators have said there was an entire shadow bank within the official BCCI with separate books.
- (banking, economics, finance, pejorative) An entity not subject to banking regulation that performs banking functions.