ECM Libra surrenders Labuan IB licence

PETALNG JAYA: ECM Libra Financial Group Bhd's subsidiary, ECM Libra Investment Bank Ltd (ELIBL) has surrendered its Labuan investment banking licence.
There was no investment banking related business income contribution from ELIBL in the last three financial years and the surrendering of ELIBL's Labuan investment banking licence is not expected to have material adverse financial impact on the group.
The company said it had made an application and obtained approval from the Labuan Financial Services Authority for the proposed surrender of ELIBL's Labuan investment banking licence pursuant to Section 169 of the Labuan Financial Services and Securities Act 2010. The surrender of the Labuan investment banking licence is to take effect on May 8, 2014.