(1) In this Part -

"branch" means - (a) in relation to a UK credit or financial institution, a place of business which forms a legally dependent part of that institution and which carries out all or some of the transactions inherent in the business of that institution, or (b) in relation to a credit or financial institution domiciled in Syria, a place of business which forms a legally dependent part of that institution and which carries out all or some of the transactions inherent in the business of that institution;