Citigroup gets new management team

As a next step toward its international franchise, Citigroup has appointed 42-year old Bird to manage operations in Northern Asia as well as Japan, China, and Korea while 56-year old Apte will be responsible for activities conducted in Southern Asia including Australia, India, and Singapore. Along with managing operations in Northern Asia, Bird will continue working as chief executive for North Asia and head of consumer banking and global cards for Asia-Pacific.

These two new appointees possess sufficient experience in working in emerging markets. Bird has served in Latin America as Head of Operations and Technology for Citigroup's entire Latin American franchise while Apte guided Citigroup's operations in some developing countries in Central and Eastern Europe.

Former World Bank Managing Director Shengman Zhang has been appointed as Asia-Pacific chairman and also as a head of the 15-strong Asia-Pacific Executive Committee. Zhang has been the Citigroup's president of the region.

The position of president and chief operation officer of MasterCard will be occupied by 49 year old Banga in August who has been an advocate of cross-selling and organic growth since becoming Citi's first Asia-Pacific CEO. Furthermore, Bill Mills and Alberto Verme have been appointed as chief for Europe, the Middle East and Africa.

It should be mentioned that US$15.6 billion, or 30%, of the Citigroup's US$52.8 billion revenue has been earned from operations in Asia-Pacific in 2008.