Peter Babej Appointed As Citi Group’s Asia-Pacific CEO

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

Citigroup

Peter Babej Appointed As Citi Group’s Asia-Pacific CEO

October 18, 2019

Anne Maree - Peter BabejUS-based multinational banking service provider Citigroup recently revealed in an announcement that it has Asia-Pacific business division now has a new head. According to statement released by the firm, it has promoted one of its executives Mr. Peter Babej to serve in role of Chief Executive Officer for its Asia-Pacific and was made public via release of an internal memo to major media outlets. In his new role as Chief Executive Officer for Citi Group’s business units in Asia-Pacific unit, Peter will be based in the group’s Hong Kong office. Given its recent loss suffered in form of loans issued to Asian hedge funds by the group’s FX prime brokerage division and given increased regulatory choking in European market, the group is focusing on strengthening and boosting its presence in Asian market with plans aimed at increasing its presence in mainland China. Asia-Pacific region is the biggest overseas market for the group outside of United Stated and according to a quote made by the firm’s spokesperson to UK based international financial daily – Financial Times, the business in this region is one of the strongest performers accounting for nearly a fifth of revenues and about a third of net income.

Citi Group’s ongoing plan to increase its presence in mainland China is a part of its drive to be the first foreign bank to launch a securities business in mainland China without a local partner. The group expects to achieve this status in 2020 as China is expected to relax its foreign ownership rules in 2020. Peter has been a part of Citi group’s family for nearly a decade now having joined the firm as the co-head of its financial institutions group nearly nine years ago and was serving in role of sole head of the financial institutions group for last two years until receiving his latest promotion. In his role as head of the financial institutions group, he was in-charge of handing large transactions in Asia including last year’s financing round for Ant Financial. Prior to joining Citi Group, Babej served in a senior level role at Deutsce Bank and Lazard. He is succeeding Francisco Aristeguieta as CEO of APAC while Francisco has joined State Street Corporation as the head of its international business.

During the interim period of six months since Francisco’s resignation and announcement of Peter’s promotion earlier this week, Tim Monger has been served as acting Chief Executive Officer for the region alongside handling the duties of his original role as Chief Financial Officer of the region. Commenting on Peter’s promotion to role of head of APAC business unit, Michael Corbat – Chief Executive Officer of Citi Group commented, “Under Peter’s leadership, the [Financial Institutions Group] has participated in some of the most significant transactions in the sector, including several Asia-driven mergers and acquisitions. He will draw on his deep knowledge of the financial services landscape in Asia, where we continue to see great opportunities, including fast-growing digital adoption, for which Citi is well-positioned given our footprint and capabilities”.

Source:

https://www.financemagnates.com/executives/moves/citi-appoints-peter-babej-as-its-asia-pacific-ceo/

Login To MyTis Comment Or Register to MyTIS

Leave a Reply

avatar
  Subscribe  
Notify of

Newsletter

Register now to receive the latest news and information for global trading industry.