ECM Libra Avenue Securities gets merchant bank licence

KUALA LUMPUR: ECM Libra Avenue Bhd’s unit ECM Libra Avenue Securities Sdn Bhd (ECMLAS) was granted approval for a merchant bank licence, paving the way for its transformation into an investment bank.

It announced on Dec 31 that it had received a joint letter from Bank Negara Malaysia and the Securities Commission informing that ECMLAS, pursuant to Section 64 (4) of the Banking and Financial Institutions Acts 1989, was granted the approval for the merchant bank licence.

It said the approval for a merchant bank licence to be issued to ECMLAS would enable it to transform to an investment bank and to operate under the name of ECM Libra Investment Bank Bhd.

The approval was subject to, amongst others, that Tan Sri Azman Hashim rationalise his shareholdings in the company within a year.

Another condition was that ECMLAS was required to remit RM42.5 million, being balance payment for the issuance of the merchant bank licence.

Exemptions were granted to ECM Libra Avenue executive chairman and chief executive officer Datuk Seri Kalimullah Masheerul Hassan and managing director Lim Kian Onn to hold executive positions in the group for two years.