Citi’s Aristeguieta makes his mark in Asia

Francisco Aristeguieta, the Asia Pacific chief executive of Citigroup, says the bank is “probably 40% into the journey” of its 2020 vision for Asia. But it appears to be already bearing fruit.

After several years of disappointing performance, Citi in Asia has delivered five consecutive quarters of increasingly broad-based growth. 

Overall third-quarter revenues, at $3.75 billion, were up 6% year on year, and net income, at $969 million, up 12%. Within that, the global consumer banking division is up 15% year on year for net income in the third quarter, and the institutional clients group, containing the corporate bank, by 11%.