The new CEO will take over from the previous post holder who had been acting on an interim basis.

Citigroup has named Peter Babej as chief executive in its Asia-Pacific region, taking over from Tim Monger who acted as interim CEO in recent months. Monger will now focus on his chief financial officer function.

Babej has been at Citigroup 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 Citigroup, Babej had senior banking roles at Deutsche Bank and Lazard.

According to a memo seen by this publication, Babej will be taking up this new role immediately. Tyler Dickson and Manolo Falco, co-heads of banking, capital markets and advisory, will share information about the process to identify Peter’s successor.

Citigroup, as reported elsewhere, has issued its third-quarter financial results this week.