Which of the following is a function of merchant banks?

Merchant banks are financial institutions that offer financial services and advice to businesses, corporations and governments. One of the functions of merchant banks is to act as acceptance houses. This means that they accept bills of exchange from their clients, which allows the clients to get immediate access to cash rather than waiting for the bills to mature. The merchant bank then holds onto the bills until they mature and collects the full amount owed. This service helps businesses to manage their cash flow and improve their liquidity. The other options are not functions of merchant banks.