Citigroup has appointed Stephen Bird and Shirish Apte as Chief Executive Officers of Asia Pacific region, replacing Ajay Banga. While Bird will be responsible for Northern Asia, Apte will look after Southern Asia. The two will have joint responsibilities for Asia Pacific's overall performance, strategy and execution. Citi has also appointed Shengman Zhang as Chairman of Asia Pacific, who will be responsible for forging and expanding relationships with clients, regulators, government officials and employees across the region.
Banga, the current Citi Asia Pacific CEO, announced last month that he is joining MasterCard International as the President and Chief Operating Officer (COO).
Citi has also announced appointment of Bill Mills and Alberto Verme as Chief Executive Officers of EMEA (Europe, Middle East and Africa). Citigroup CEO Vikram Pandit said last month that the bank is looking for overseas opportunities for growth. Asia is Citi's fastest growing markets.
The US government is taking a 34% stake in Citigroup for its $45 billion bailout. As Citi is a reciever of government aid, this puts restrictions on salaries of its top executives, especially bonuses.
Apte, 56, is an old hand at Citigroup and was till now CEO of Citi's Central & Eastern European Region. He has held various assignments in Corporate Banking, Risk Management and Corporate Finance Investment Banking.
"In appointing these talented executives to drive our business in Asia and EMEA, I am reaffirming Citi's commitment to these markets and to helping our clients and customers execute on growth opportunities around the world," said Citi Chief Executive Officer Vikram Pandit.