Editing Merchant bank (section)

==Modern practices==
Known as "accepting and issuing houses" in the UK and "investment banks" in the US, modern merchant banks offer a wide range of activities, including Issue management, [[Investment management|portfolio management]], credit [[syndicated loan|syndication]], [[acceptance credit]], counsel on [[mergers and acquisitions]], and insurance.<ref>{{Cite web |title=Merchant bank |url=https://www.nasdaq.com/glossary/m/merchant-bank |website=Nasdaq}}</ref> 

Of the two classes of merchant banks, the US variant initiates loans and then sells them to investors.<ref>Fitch, Thomas P. (2000 [1990]), ''Dictionary of Banking Terms'': "Merchant Bank", 4th Edition, New York: Barron's Business Guides, {{ISBN|0-7641-1260-0}}</ref> These investors can be private [[investment firm]]s. Even though some of these companies call themselves "merchant banks", they have few, if any, of the characteristics of former merchant banks.<ref>{{Cite web |last=Waterworth |first=Kristi |title=What Is Merchant Banking? |url=https://www.fool.com/terms/m/merchant-banking/ |access-date=2024-07-02 |website=The Motley Fool |language=en}}</ref>