MERCHANT BANKS – These are specialized banks charged with the responsibility of accepting bills of exchange, issuance of loan for foreign trade transactions etc.
- They assist in the sale of shares to the public
- They act as financial advisers to their industrial client.
- They make provision for fixed interest medium term loans to their clients.
- They finance and execute bills of exchange and tellers of credit used in international trade.
- They also assist in the indigenization exercise in Nigeria.
- They circulate bills o exchange used for international trade.