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JAMB Economics 1988 Question 35

Question 35

Financial Institutions

Merchant banks perform all the following functions EXCEPT

  1. A.raising of capital for industry
  2. B.provision of current account facilities
  3. C.management of investment portfolios
  4. D.provision of credit for overseas trade.
Show the answer and explanation

Answer: B (provision of current account facilities)

Explanation

Current accounts for ordinary customers are a commercial bank service; merchant banks deal in wholesale finance, issues and portfolio management.