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Ajay Banga, Citigroup Asia-Pacific CEO devides citigroup into four regions. Same face with different tag!
By Amarendra Bhushan for CEOWORLD Magazine Updated:August 18, 2008
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Indian Institute of Management, Ahmedabad alumnus Ajay Banga, Chief Executive Officer of Citi Asia Pacific divides citigroup into four regions. Citigroup, the largest U.S. bank by assets, announced that it would reorganize its Asia-Pacific business into four regions and seven product groupings under its new Asia chief executive, Ajay Banga. “I want the client not to have to navigate Citigroup. I want us to navigate Citigroup and bring it together at the front end for them, and that’s why you need to bring all the organizations and geographies together under one cluster head, It will leverage local expertise and thinking, eliminate management layers and provide growth opportunities for our best people.” Citigroup Asia-Pacific CEO Ajay Banga said.
Citigroup’s Asia business will be split geographically into Japan, North Asia, South Asia and Southeast Asia Pacific. For the first time, the regional heads will be responsible for all of Citigroup’s business within those geographic areas.
The regional groupings will be supported by seven business groups: consumer banking and global cards; corporate and commercial banking; global transaction services; investment banking; markets; wealth management; and alternative investments. Under the new structure, Doug Peterson will be Japan head. Stephen Bird will run North Asia, whereas Sanjay Nayar will continue to lead South Asia and Piyush Gupta will lead Southeast Asia-Pacific. The Asia-Pacific region contributed 13.8 percent of Citigroup’s revenue last year, a 33 percent increase from 2006.
Stephen Bird will continue to head Consumer Banking and Global Cards, in addition to his North Asia cluster role.
Farhan Faruqui will continue to head Corporate and Commercial Bank.
Anthony Nappi will continue to head Global Transaction Services.
Mark Renton and Dan McNamara will continue heading the Investment Banking business.
Rodrigo Zorrilla and David Ratliff will be Co-Heads for Markets with responsibility for driving Citi’s combined Fixed Income, Currencies and Commodities and Equities businesses.
Aamir Rahim, previously Co-Head of Fixed Income, Currencies and Commodities, has been appointed Head of Global Wealth Management, Asia Pacific.
Ajay Banga will personally lead Alternative Investments and define the regional growth strategy for this business.
What are your immediate priorities?
You are pursuing the so-called universal bank model, is it the best model for Citi globally and in Asia?
What opportunities do you see for Citi in Asia-Pacific, after all this changes? I don’t see any? It’s same face with different tag.
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rajdeep
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