11.   DLJ, the tenth-largest U.S. securities firm in terms of capital, is among the biggest merchant bankers, which can invest their own money in companies.

12.   I heard a similar tune last week when I visited Steve Burrill, the biotech merchant banker in San Francisco.

13.   IPOs that have been approved will go through, but may have to cut their offer prices to attract investors, the merchant banker said.

14.   Meanwhile, companies are increasingly buying each other using stock, leaving merchant bankers complaining that the cash they can offer has been cast in the shade.

15.   Now the merchant bankers are back in town to cut some deals with a new breed of crook.

16.   San Francisco merchant banker Steve Burrill provided the data to prove why biotech is now experiencing a winter of discontent.

17.   The band finally decided on ETM, whose principal shareholders include Philadelphia-based Fillmore Mercantile Inc., a private merchant banker.

18.   Today, merchant bankers usually avoid hostile takeovers.

19.   A merchant banker would be appointed as adviser and steps would be takento amend the company memorandum and articles of association, said groupcorporate finance director Thong Swe Cheong.

20.   A merchant banker urged relevant authorities to act on companies with qualified accounts to deter others from abusing their authorities in managing their companies.