Executive chairman and chief executive officer Datuk Seri Kalimullah Masheerul Hassan said the transformation is a natural progress for the group to remain competitive.

"Our strategy and activities won't be much different from what we are doing now," he said after the group's extraordinary general meeting in Kuala Lumpur yesterday.

"Being an investment bank will enable us to have better access in the interbank market, which will allow more activities and products to be offered," he added.

Mid-cap firms are preferred because they are typically under-served by other bigger investment banks.

The group also hopes to attract the right people to win more business.

ECM Libra Avenue's subsidiary, ECM Libra Avenue Securities Sdn Bhd, was granted a merchant banking licence by Bank Negara Malaysia on December 31 last year.

The group will eventually change its name to ECM Libra Investment Bank Bhd.

Managing director Lim Kian Onn sees a challenging year ahead for the company due to the overall weak capital market.

"It is going to be a difficult year for financial groups like us, (so) we have to be innovative to stay relevant in the market and do well," he said.