offshore banking unit (OBU)

  

Definition

Branch of a foreign bank located in an offshore financial center (OFC). It may accept deposits from other foreign banks and OBUs and make Eurocurrency loans, but may not accept deposits from (or make loans to) the residents of the country in which it is located. OBUs are otherwise unrestricted in their legitimate activities, and are free from the monetary controls of the country of location.

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