Citi announced the appointment of Peter Babej as chief executive officer of Asia-Pacific on October 17. Babej has a long history in Asia of working on Asian bank deals such as the US$14 billion Ant deal last year.

Babej has been at Citi since 2010 when he joined as co-head of the financial institutions group in ICG. He became the sole head of the group in 2017. Prior to joining Citi, Babej held senior banking roles at Deutsche Bank and Lazard. Babej will begin transitioning to this new role immediately.

In the most recent results for the third quarter of 2019 that Citi reported in October, Citi Asia-Pacific reported revenue of US$4.01 billion - growth of 7% - and net income of US$1.27 billion with a growth of 10%. Asia-Pacific is Citi’s second-largest region outside North America – and contributes around one-fifth of revenues and close to one-third of net income.

Citi Asia-Pacific’s net income for the first nine months of 2019 was US$3.91 billion, which was up 14% for the first nine months of 2019 compared to 2018, with Asia accounting for 27% of global net.