ECM Libra Avenue Securities Sdn Bhd (ECMLAS) has been granted a merchant banking licence, which will enable it to transform to an investment bank and operate under the name of ECM Libra Investment Bank Bhd.

ECMLAS, a wholly-owned subsidiary of ECM Libra Avenue Bhd, received a joint letter from Bank Negara Malaysia and the Securities Commission last Friday, informing it of the licence award.

The approval is subject to several conditions, one of which is that Tan Sri Azman Hashim rationalises his shareholdings in the company within a year.

ECMLAS is also required to remit the sum of RM42.5 million, being balance payment for the issuance of the merchant bank licence.

Another condition is the exemptions to Datuk Seri Kalimullah Masheerul Hassan and Lim Kian Onn to hold executive positions in the group for a period of two years.

Last week, ECM Libra Avenue said it was proposing a name change to ECM Financial Group Bhd.

The name change is to better reflect the company's status as a holding company of a group of integrated financial services provider.