Sydney

CIMB Group Holdings, Malaysia's second-biggest lender by assets, said on Monday is was closing its investment banking operations in Australia following a review of its entire business.

On Friday, CIMB said it was looking to cut costs in the investment banking and equities segment by 30 per cent this year. "We have taken a long hard look at our Asia-Pacific investment banking business," said Zafrul Abdul Aziz, CIMB Group's acting group chief executive officer. "The realities of today's capital markets and the absence of sufficient flows have directly contributed to this decision." CIMB said the decision would impact the majority of its 103 Australian staff, who will be offered redundancies, some redeployment opportunities and outplacement support.