Citi has new CEO for Asia-Pacific Citigroup has appointed Mr. Peter Babej as its new chief executive for Asia-Pacific. Mr. Babej joined the bank in 2010 and has been head of Citi’s financial institutions group for the past two years, based in New York. “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 Mr. Michael Corbat, Citi Chief Executive. He also 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 region is one of its 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 billion, for 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 the region. On October 2 and 3, Citi organized two special client events in Hanoi and… Read full this story
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