CIMB switches to consolidation mode

Kuala Lumpur

CIMB Group Holdings, Malaysia's second-largest lender by assets, plans additional cost cuts after abandoning a three-way merger with major domestic competitors, before switching to focus on revenue growth next year.

The bank is seeking the cost reductions on top of the savings achieved by the recent closure of its Australian office and other job cuts in its investment bank, CIMB chief executive officer Tengku Zafrul Abdul Aziz said.