Citi has new CEO for Asia-Pacific Region

16:28 | 24/10/2019 Companies

Citigroup has appointed Peter Babej as its new chief executive for Asia-Pacific.

Mr Babej joined the bank in 2010 and has been the head of Citi’s financial institutions group for the past two years, based in New York.

citi has new ceo for asia pacific region
Citigroup has appointed Peter Babej as its new chief executive for Asia-Pacific

Under Mr. Babej's leadership, "the group has participated in some of the most significant transactions in the sector, including several Asia-driven mergers and acquisitions," said Citi Chief Executive Michael Corbat. He highlighted that the bank continues to see significant business opportunities in Asia, "including fast-growing digital adoption."

Asia-Pacific is an increasingly important region for Citi, which is seeking to grow its presence in mainland China and ASEAN. The Asia-Pacific region is one of Citi’s strongest performing businesses, representing about a fifth of revenues and about a third of net income.

In its third-quarter results announced recently, Citi reported Asia Pacific revenues of $4.01bn, a growth of 6 per cent year on year.

The bank has more than 90 per cent of the Fortune 500 companies in the Asia-Pacific region as clients, and operates sizeable wealth management and consumer banking businesses in Asia Pacific.