Money

Citigroup names Peter Babej as Asia Pacific chief executive: memo



HONG KONG (Reuters) – Citigroup Inc (N:) has named Peter Babej, the U.S. bank’s global head of financial institutions group, as its new Asia Pacific chief executive officer, according to an internal memo seen by Reuters on Thursday.

Babej joined Citi in 2010 as co-head of the financial institutions group after having previously worked at Deutsche Bank (DE:) and investment bank Lazard (N:), according to the memo sent to staff by Citi global CEO Mike Corbat.

A spokesman for Citi in Hong Kong confirmed the contents of the memo.

Babej, who is currently based in New York and will relocate to Hong Kong, will replace Francisco Aristeguieta, who left Citi earlier this year to join custodian bank State Street Corp (N:) as chief executive of its international business.

Citi’s business in Asia Pacific is the second largest region-wise in terms of revenue, outside of its home market of North America, and contributes around one-fifth of its revenues and nearly one-third of the bank’s net income.

In the quarter ended Sept. 30, Citi’s Asia Pacific revenue grew 7% to $4.01 billion.

Babej has been involved in several Asia-focused merger and acquisition transactions in the financial sector, Corbat wrote in the memo, adding the new regional head will take over the role immediately.

“He will draw on his deep knowledge of the financial services landscape in Asia, where we continue to see great opportunities, including fast-growing digital adoption,” Corbat said in the memo.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.