Rising costs force CIMB to quit Australia

Malaysia’s CIMB Bank is scaling back its investment banking business in the Asia Pacific region as it seeks to reduce a ballooning cost base and cut operating costs by about 30% this year, just three years after it forked out £75m ($114m) to buy the Asian and Australian investment banking assets of the Royal Bank of Scotland. The plan saw it shutter its offices in Australia on February 9, in a bid to trim costs across its investment banking and equities franchise.