21:10 (GMT +7) - Friday 23/04/2021

Banking & Finance

Citi has new CEO for Asia-Pacific

Released at: 15:05, 24/10/2019 BUSINESS SPOTLIGHT

Citi has new CEO for Asia-Pacific

Photo: Citi

Mr. Peter Babej to take up post in one of Citi's most important regions.

by Doanh Doanh

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 Ho Chi Minh City to celebrate its 25th anniversary in Vietnam. Citi opened a representative office in Hanoi in 1993, and one year later became the first US financial institution licensed to open a full branch, in the capital. And in 1998 it opened a second branch in Ho Chi Minh City.

Citi has retained its leadership in technology, providing an extensive platform across online and mobile banking. With these comprehensive digital capabilities, Citi Vietnam became the first globally to accomplish the milestone of 100 per cent penetration of e-statements for clients.

User comment (0)

Send comment