Open space on riverside for financial institution (8,4)

I believe the answer is:

clearing bank

'for financial institution' is the definition.
(I've seen this before)

'open space on riverside' is the wordplay.
'open space' becomes 'clearing' (I've seen this before).
'on' says to put letters next to each other.
'riverside' becomes 'bank' (I've seen this before).
'clearing'+'bank'='CLEARING BANK'

(Another definition for clearing bank that I've seen is " Financial institution".)

I've seen this clue in The Guardian.

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