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                                                                    Exhibit 8(B)



                   LICENSE AGREEMENT RELATING TO USE OF NAME

     AGREEMENT made as of the 26th day of November, 1999, by and between
MERRILL LYNCH & CO., INC., a Delaware corporation ("ML & Co."), and MERRILL
LYNCH GLOBAL FINANCIAL SERVICES FUND, INC., a Maryland corporation (the "Fund").


                              W I T N E S S E T H:

     WHEREAS, ML & Co. was incorporated under the laws of the State of Delaware
on March 27, 1973 under the corporate name "Merrill Lynch & Co., Inc." and has
used such name at all times thereafter;

     WHEREAS, ML & Co. was duly qualified as a foreign corporation under the
laws of the State of New York on April 25, 1973 and has remained so qualified
at all times thereafter;

     WHEREAS, the Fund was incorporated under the laws of the State of Maryland
on June 1, 1999; and

     WHEREAS, the Fund desires to qualify as a foreign corporation under the
laws of the State of New York and the State of New Jersey and has requested ML
& Co. to give its consent to the use of the name "Merrill Lynch" in the Fund's
corporate name.

     NOW, THEREFORE, in consideration of the premises and of the covenants
hereinafter contained, ML & Co. and the Fund hereby agree as follows:

     1.  ML & Co. hereby grants the Fund a non-exclusive license to use the
words "Merrill Lynch" in its corporate name.

     2.  ML & Co. hereby consents to the qualification of the Fund as a foreign
corporation under the laws of the State of New York and the State of New Jersey
with the words "Merrill Lynch" in its corporate name and agrees to execute such
formal consents as may be necessary in connection with such filing.

     3.  The non-exclusive license herein above referred to has been given and
is given by ML & Co. on the condition that it may at any time, in its sole and
absolute discretion, withdraw the non-exclusive license to the use of the words
"Merrill Lynch" in the name of the Fund; and, as soon as practicable after
receipt by the Fund of written notice of the withdrawal of such non-exclusive
license, and in no event later than ninety days thereafter, the Fund will
change its name so that such name will not thereafter include the words
"Merrill Lynch" or any variation thereof.

     4.  ML & Co. reserves and shall have the right to grant to any other
company, including without limitation, any other investment company, the right
to use the words "Merrill

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Lynch" or variations thereof in its name and no consent or permission of the
Fund shall be necessary; but, if required by an applicable law of any state, the
Fund will forthwith grant all requisite consents.

     5.   The Fund will not grant to any other company the right to use a name
similar to that of the Fund or ML & Co. without the written consent of ML & Co.

     6.   Regardless of whether the Fund should hereafter change its name and
eliminate the words "Merrill Lynch" or any variation thereof from such name, the
Fund hereby grants to ML & Co. the right to cause the incorporation of other
corporations or the organization of voluntary associations which may have names
similar to that of the Fund or to that to which the Fund may change its name and
to own all or any portion of the shares of such other corporations or
associations and to enter into contractual relationships with such other
corporations or associations, subject to any requisite approval of a majority of
the Fund's shareholders and the Securities and Exchange Commission and subject
to the payment of a reasonable amount to be determined at the time of use, and
the Fund agrees to give and execute any such formal consents or agreements as
may be necessary in connection therewith.

     7.  This Agreement may be amended at any time by a writing signed by the
parties hereto.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.


                                     MERRILL LYNCH & CO., INC.


                                     By:        /s/ Jeffrey Peek
                                        ----------------------------------
                                                  (signature)

                                     Name:        Jeffrey Peek
                                          --------------------------------


                                     Title:   Executive Vice President
                                           -------------------------------



                                     MERRILL LYNCH GLOBAL
                                     FINANCIAL SERVICES FUND, INC.


                                     By:      /s/ Terry K. Glenn
                                        ----------------------------------
                                                  (signature)

                                     Name:        Terry K. Glenn
                                          --------------------------------

                                     Title:         President
                                           -------------------------------