A form of MERCHANT BANK, popular in the EUROMARKETS during the 1970s and 1980s, jointly owned by several large international BANKS. Consortium banks were typically active in international LOAN origination and SYNDICATION, FOREIGN EXCHANGE and EUROBOND TRADING, and CORPORATE FINANCE transactions. With individual banks and INVESTMENT BANKS now operating similar businesses on their own, most consortium banks have scaled back their operations or ceased to exist.