Formerly known as ECM Libra Avenue Securities Sdn Bhd, its transformation into an investment bank was a natural move to enable ECM Libra Investment Bank to enter the money market and widen its range of products and services.

Its managing director Lim Kian Onn said recently the investment banker would not be sustainable if it remained as a universal broker.

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