Citigroup promotes Peter Babej to Asia-Pacific chief executive to head its most lucrative region outside North America
- Peter Babej joined the bank in 2010 after senior roles at Deutsche Bank and Lazard
- Babej replaces Francisco Aristeguieta, who left Citi to head State Street’s international business
Citigroup has promoted Peter Babej, the head of its financial institutions group, to the position of chief executive for the Asia-Pacific region, the biggest overseas market outside its home base for the American bank.
Babej, who joined the bank as co-head of its financial institutions group in 2010 after serving in senior roles at Deutsche Bank and Lazard, will begin transitioning to the new role “immediately”, according to an internal memo seen by the South China Morning Post. Babej, who was named sole head of the financial institutions business in 2017, will be based in Hong Kong.
“Under Peter's leadership, the [Financial Institutions Group] has participated in some of the most significant transactions in the sector, including several Asia-driven mergers and acquisitions,” Citi chief executive Michael Corbat said in the memo. “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, for which Citi is well-positioned given our footprint and capabilities.”
Tim Monger has been serving as interim CEO for Asia-Pacific at Citi and will return to his role as chief financial officer for the region, according to the memo.
In the third quarter, net income from continuing operations in its global consumer business in Asia rose 10 per cent to US$422 million. Profit from continuing operations in its institutional clients group business in Asia jumped 15 per cent to US$843 million in the quarter. The move to name Babej to head Citi’s regional business comes at a challenging time in the region.