CIMB Group closes its offices in Australia following a strategic review
Sydney: Following a strategic review of its entire business, CIMB Group today announced that it will be closing its offices in Sydney and Melbourne. This follows an announcement last Friday where CIMB stated it was looking to reduce its Asia Pacific investment banking and equities operating cost by 30% in 2015.
“We have taken a long hard look at our Asia Pacific investment banking business. The realities of today’s capital markets and the absence of sufficient flows have directly contributed to this decision,” said Tengku Dato' Zafrul Tengku Abdul Aziz, Acting Group CEO, CIMB Group. "The rest of our Asia investment banking platform remains intact," he clarified.
The decision will impact the majority of CIMB's 103 Australian staff, who will be offered redundancies, some redeployment opportunities and outplacement support.
CIMB will continue to support its clients who want access to the Australian market through its current strategic alliance with Morgans Financials Limited.