21.   KLEINWORT Benson, the London merchant bank, continued its profits recovery last year, aided by a big reduction in bad debts.

22.   Day-to-day running of the trust is carried out by specialist fund managers, often by merchant banks.

23.   Main participants are indeed banks, the clearers plus all others in the banking sector, merchant banks and accepting houses and foreign central banks.

24.   MERCHANT bank Henry Ansbacher agreed yesterday to a take-over by the South African bank First National.

25.   This year they stepped up attempts to sell and talks were held with UK merchant bank Singer and Friedlander before negotiations started with First National.

26.   And to supplement the commercial banks, Halla depended heavily on merchant banks, smaller institutions that specialize in short-term finance.

27.   At the same time, a deposit insurance fund will provide full coverage of deposits at merchant banks.

28.   Bakala, the cherubic-looking chairman of his own merchant bank, is a slightly different kind of missionary.

29.   Because merchant banks are much smaller than commercial banks, they may find it hard to force the issue on their own.

30.   Because they are issued by merchant banks --rather than the companies whose shares are involved -- they are considered among derivative investments.