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Citigroup Said to Name New Asia-Pacific Commercial Bank Head

July 16 (Bloomberg) -- Citigroup Inc., the U.S. lender that operates in more than 160 countries, named Ashish Bajaj to head its Asia-Pacific commercial bank as it seeks more revenue from small and medium sized companies in the region.

Bajaj, 49, replaced Gaurang Hattangdi, who has become the bank’s global head of product development for commercial banking, according to a person with knowledge of the matter. James Griffiths, a Hong Kong-based spokesman at Citi, confirmed the appointments.

Chief Executive Officer Michael Corbat said in May he’s devoting “meaningful” resources to expand Asia-Pacific operations. Citicorp, which comprises the group’s core business including the commercial banking unit, generated $1.07 billion of profit from Asia last quarter, compared with $972 million a year earlier, data compiled by Bloomberg showed.

Bajaj, a 26-year veteran at Citigroup, will remain in Hong Kong, where he was most recently regional head of relationship management for financial institutions in Asia Pacific, the person said.

To contact the reporter on this story: Stephanie Tong in Hong Kong at stong17@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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