I was asked whether it was a merchant bank.
Civil servants have not got the expertise at their disposal which a merchant bank has.
A merchant bank has as its prime purpose the making of a profit for itself.
It is not the merchant bank that takes the equity interest.
The adviser is usually an eminent merchant bank or firm of accountants which has expertise and experience in that area.
The expression "merchant bank" is one which to some extent has been loosened in its application over the years.
It could conceivably take on some of the functions of a merchant bank and even be authorised to take deposits.
The case concerned a merchant bank, which has many dealings, where the investment income is part of the normal income of the partnerships.
