Before the Siamese Revolution , the banking system was controlled by foreign powers, particularly the "big four" European banks. Being New Zealand's closest neighbour, with very close ties culturally and economically, has helped Australia dominate the banking sector there. The Romanian banking system has almost 40 banks, most of them detained by local financial vehicles, and some of them subsidiaries of foreign banks. The big four are as follows. Until , the phrase "big five banks" was used to refer to the five largest UK clearing banks institutions which clear bankers' cheques , which in England and Wales were:. Luxembourg is a financial center.
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