Citigroup Inc has appointed Peter Babej as its chief executive officer for the Asia-Pacific region, according to an announcement.
In this new role, he will be responsible for all Citi businesses in the 17 countries and jurisdictions where the US bank is present.
Babej joined the bank in 2010 and has been the global head of its financial institutions group for the last two years. Under his leadership, Citi attained a leading position in the sector and participated in numerous landmark transactions globally, the bank said.
Before joining Citi, Babej served in senior roles at Deutsche Bank and Lazard, where he advised financial institutions across North America, Europe and Asia.
He holds a BA degree from the Woodrow Wilson School of Princeton University, and a JD and PhD from Harvard University. He is a director of the Lungevity Foundation and a member of the Council on Foreign Relations.
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”, a Citi spokesman told the Financial Times.
The US bank this week announced third-quarter revenues of $4.01 billion in Asia Pacific, a 6 per cent growth over the same period last year.
Citigroup is reportedly planning to set up a wholly-owned securities business in China as Beijing seeks to relax foreign ownership norms in the financial services sector. The bank may initially focus on brokerage and futures trading while expanding its custodian services in China, Reuters reported.