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.
|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.