| 单词 | merchant bank |
| 释义 | merchant bank merchant bank A bank that formerly specialized in financing foreign trade, an activity that often grew out of its own merchanting business. This led them into accepting bills of exchange and functioning as accepting houses. More recently they have tended to diversify into the field of hire-purchase finance, the granting of long-term loans (especially to companies), providing venture capital, advising companies on flotations and takeover bids, underwriting new issues, and managing investment portfolios and unit trusts. Many of them are old-established and some offer a limited banking service. Their knowledge of international trade makes them specialists in dealing with the large multinational companies. They are most common in Europe, but some merchant banks have begun to operate in the USA; the US equivalent in terms of current activity is known as an investment bank. Several UK merchant banks were taken over in the 1990s either by the commercial banks or by large overseas banks. |
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