HONG KONG – American multinational investment bank and financial services corporation, Citigroup Inc has named Peter Babej, as its new Asia Pacific chief executive officer, Reuters reported in October this year.

Peter Babej was serving as the U.S. banks global head of financial institutions group before being promoted to Asia Pacific’s chief executive’s office.

According to a memo released by Citi, Babej joined financial institution in 2010 as co-head of the financial institutions group.

The memo sent by Citi’s global CEO Mike Corbat further revealed that he had previously worked at Deutsche Bank and investment bank Lazard.

Babej has been involved in several Asia-focused merger and acquisition transactions in the financial sector, Corbat wrote in the memo, adding the new regional head will take over the role immediately.

“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,” Corbat said in the memo.

Babej, who is currently based in New York is expected to relocate to Hong Kong where he will replace Francisco Aristeguieta, who left Citi earlier this year to join custodian bank State Street Corp as chief executive of its 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.

In the quarter ended Sept. 30, Citi’s Asia Pacific revenue grew 7% to $4.01 billion.

The financial services provider announced in October this year that it had plans to set up a wholly owned securities business in China.

The move to set up its own securities business in Asia’s largest economy was informed by Beijing’s move to fully open up some of its financial sectors to foreigners next year.

One of Babej’s assignment as he takes over Citi’s Asia Pacific business would be to oversee the successful set up of this securities business.