Citi Appoints APAC CEO
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Citi names its new Asia Pacific CEO six months after the departure of the former regional chief.
Peter Babej has been named as chief executive officer of Asia Pacific, succeeding Francisco Aristeguieta who left in April and was replaced in the interim by Tim Monger who will return to solely focus on his CFO role.
Babej joined Citi in 2010 as its co-head of the financial institutions group within its institutional client group before becoming the unit’s sole head in 2017. Previously, Babej held multiple senior roles at Deutsche Bank and Lazard.
According to the bank, Babej’s deep financial knowledge and dealmaking experience, especially with regards to digital adoption, will serve Citi well given rapid growth in the market.
Under Peter’s leadership, the Citi has participated in some of the most significant transactions in the sector, including several Asia-driven mergers and acquisitions, said Citigroup CEO Mike Corbat, highlighting marque deals such as the $14 billion fundraisings for Ant Financial.
In the first nine months of 2019, Citi’s APAC unit posted a net income of $3.91b, accounting for 27 percent of the global sum.
Questions & Answers
Q.When did the previous Asia Pacific CEO leave Citi, necessitating this new appointment?
When did the previous Asia Pacific CEO leave Citi, necessitating this new appointment?
Francisco Aristeguieta, the former regional chief, departed from Citi in April. His departure created the vacancy that Peter Babej has now filled six months later.
Q.What was Tim Monger's role before Peter Babej's appointment, and what will he do now?
What was Tim Monger's role before Peter Babej's appointment, and what will he do now?
Tim Monger served as the interim replacement for the former APAC CEO after Francisco Aristeguieta left. With Peter Babej's appointment, Monger will now return to focus solely on his CFO role.
Q.What is the primary reason Citi believes Peter Babej is a good fit for the APAC CEO role?
What is the primary reason Citi believes Peter Babej is a good fit for the APAC CEO role?
Citi believes Peter Babej's deep financial knowledge and dealmaking experience, particularly in digital adoption, will serve them well. This is crucial given the rapid growth in the Asia Pacific market.
Q.How significant is the Asia Pacific unit's contribution to Citi's overall net income?
How significant is the Asia Pacific unit's contribution to Citi's overall net income?
In the first nine months of 2019, Citi's Asia Pacific unit generated a net income of $3.91 billion. This figure accounted for 27 percent of the bank's global net income during that period.
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