Citigroup has named Peter Babej, the U.S. bank’s global head of financial institutions group, as its new Asia Pacific chief executive officer, according to an internal memo, reports Reuters.

Babej joined Citi in 2010 as co-head of the financial institutions group after having previously worked at Deutsche Bank and investment bank Lazard, according to the memo sent to staff by Citi global CEO Mike Corbat.

A spokesman for Citi in Hong Kong confirmed the contents of the memo.

Babej, who is currently based in New York and will relocate to Hong Kong. The appointment comes six months after Francisco Aristeguieta stepped down in July as Citi's regional CEO to take a role as head of State Street Corporation's international business.

Citi’s business in Asia Pacific is the second-largest region-wise in terms of revenue, outside of its home market of North America, and contributes around one-fifth of its revenues and nearly one-third of the bank’s net income.

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