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By Ben Otto
Citigroup Inc. (C) has named Peter Babej as new chief executive officer for the U.S. banking giant's Asia-Pacific operations.
Mr. Babej, previously the global head of the bank's financial institutions group, will transition into the role immediately, Citigroup said in a statement Thursday.
The Asia-Pacific region is Citi's second largest outside North America, contributing around a fifth of the bank's revenue and about 27% of its net income. Citi Asia posted about $4 billion in revenue in the third quarter, up 6% from a year earlier.
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," Citigroup chief executive Michael Corbat said in the statement. He said the bank continues to see significant business opportunities in Asia, "including fast-growing digital adoption."
Mr. Babej takes the reins from interim CEO Tim Monger, who remains the company's chief financial officer for the region. Citigroup's previous Asia CEO, Francisco Aristeguieta, left the bank in April to become State Street Corp.'s chief executive for international business.
Write to Ben Otto at firstname.lastname@example.org
(END) Dow Jones Newswires
October 16, 2019 22:28 ET (02:28 GMT)
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