See what, on river, might be bank (3)

I believe the answer is:

ely

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'see' is the definition.
(see is a place with a cathedral - e.g. Ely)

I can't explain the remainder of the clue.

(Other definitions for ely that I've seen before include "Diocese in Eastern England" , "UK city" , "East Anglian city" , "Cambs cathedral" , "Small city in Cambridgeshire" .)

I've seen this clue in The Times.

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