Citigroup has named a new chief executive of its Asia-Pacific business, installing its top financial institutions banker in the role — the latest in a series of reshuffles within the US bank’s upper echelons.

Peter Babej, global head of investment banking for financial institutions at Citi, has led the bank’s work on “several Asia-driven mergers and acquisitions” and will draw on that experience to lead the bank in the region, according to an internal memo from chief executive Michael Corbat seen by Financial News.