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In banking, a merchant bank is a traditional term for an Investment Bank. It
can also be used to describe the private equity activities of banking. This
article is about the history of banking as developed by merchants, from the
Middle Ages onwards.
History
Merchant banks, now so called, are in fact the original "banks". These were
invented in the Middle Ages by Italian grain merchants. As the Lombardy
merchants and bankers grew in stature based on the strength of the Lombard
plains cereal crops, many displaced Jews fleeing Spanish persecution were
attracted to the trade. They brought with them ancient practices from the middle
and far east silk routes. Originally intended for the finance of long trading
journeys, these methods were now utilized to finance the production of grain.
The Jews could not hold land in Italy, so they entered the great trading piazzas
and halls of Lombardy, alongside the local traders, and set up their benches to
trade in crops. They had one great advantage over the locals. Christians were
strictly forbidden the sin of usury. The Jewish newcomers, on the other hand,
could lend to farmers against crops in the field, a high-risk loan at what would
have been considered usurious rates by the Church, but did not bind the Jews. In
this way they could secure the grain sale rights against the eventual harvest.
They then began to advance against the delivery of grain shipped to distant
ports. In both cases they made their profit from the present discount against
the future price. This two-handed trade was time consuming and soon there arose
a class of merchants, who were trading grain debt instead of grain.
It was a short step from financing trade on their own behalf to settling trades
for others, and then to holding deposits for settlement of "billete" or notes
written by the people who were still brokering the actual grain. And so the
merchant's "benches" (bank is a corruption of the Italian for bench, as in a
counter) in the great grain markets became centers for holding money against a
bill (billette, a note, a letter of formal exchange, later a bill of exchange,
later still, a cheque).
These deposited funds were intended to be held for the settlement of grain
trades, but often were used for the bench's own trades in the meantime. The term
bankrupt is a corruption of the Italian banca rotta, or broken bench, which is
what happened when someone lost his traders' deposits. Being "broke" has the
same connotation.
A sensible manner of discounting interest to the depositors against what could
be earned by employing their money in the trade of the bench soon developed; in
short, selling an "interest" to them in a specific trade, thus overcoming the
usury objection. Once again this merely developed what was an ancient method of
financing long distance transport of goods.
Islamic banking has the same constraints against usury as Christianity.
The medieval Italian markets were disrupted by wars and in any case were limited
by the fractured nature of the Italian states. And so the next generation of
bankers arose from migrant Jewish merchants in the great wheat growing areas of
Germany and Poland. Many of these merchants were from the same families who had
been part of the development of the banking process in Italy. They also had
links with family members who had, centuries before, fled Spain for both Italy
and England.
This course of events set the stage for the rise of banking names which still
resonate today: Schroders, Warburgs, Rothschilds, even the ill-fated Barings,
were all the product of the continental grain trade, and indirectly, the early
Iberian persecution of Jews. It may be defined as, “ an institution which covers
a wide range of activities such as management of customer services, portfolio
management, credit syndication, acceptance credit, counseling and insurance
etc., The merchant banks are also known as “ accepting and Issuing houses” in UK
and as “Investment Banks” in US. They offer a package of financial services for
fee mostly in new issues market.
Modern practices
The definition of merchant banking has changed greatly since the days of the
Rothschilds. The great merchant banking families dealt in everything from
underwriting bonds to originating foreign loans. Bullion trading and bond
issuing were some of the specialties of the Rothschild family. The modern
merchant banks, however, tend to advise corporations and wealthy individuals on
how to use their money. The advice varies from counsel on Mergers and
acquisitions to recommendation on the type of credit needed. The job of
generating loans and initiating other complex financial transactions has been
taken over by investment banks and private equity firms.
Today there are many different classes of merchant banks. One of the most common
forms is primarily utilized in America. This type initiates loans and then sells
them to investors (Fitch 2000). Even though these companies call themselves
"Merchant banks," they have few if any of the characteristics of former Merchant
banks.
A more traditional form of Merchant bank is not as widely used. This genre of
merchant banking is seen in companies such as Blackstone Group, LCF Rothschild
Group and Goldman Sachs. Their activities include private banking, fund
management, and financial advisory services. Though these organizations are
holding companies, their operations are essentially those of the original
Merchant banks
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