JAMB - Commerce (2022 - No. 25)
Which of the following is not a characteristic of a commercial bank?
Established as limited liability company
Established by individuals or organizations
Established to issue bank notes
Established with the view of making profit
Explanation
The characteristics of commercial banks are:
- it is a limited liability company
- the motive for its establishment is profit making
- they are members of the money market
- commercial banks are incorporated
- they accept deposits and other valuables.
- they are owned by private individuals, institutions or governments.
- it is a limited liability company
- the motive for its establishment is profit making
- they are members of the money market
- commercial banks are incorporated
- they accept deposits and other valuables.
- they are owned by private individuals, institutions or governments.
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