Former Citigroup Asia CEO Francisco Aristeguieta heads to State Street

FINANCIAL services provider State Street Corporation has appointed Francisco Aristeguieta as chief executive officer for its international business. He was most recently CEO of Citigroup's Asia business.

Mr Aristeguieta, 53, will join the company in July, reporting to Ron O'Hanley, State Street president and CEO, State Street said on Monday. He will initially be based in Hong Kong, responsible for the company's business activities outside the US, from which the company says it currently derives more than 40 per cent of its revenue.

Covering the Europe, Middle East, Latin America and the Asia-Pacific regions, Mr Aristeguieta will be in charge of driving strategy, stewarding client engagement, developing talent, pursuing growth opportunities and increasing market share as well as deepening relationships with local government officials and regulators.

He will also partner with State Street's global business leaders to deliver solutions, expertise and insights to clients globally. In addition, he will become a member of the company's management committee, its senior-most strategy and policy making group.

During his time at Citigroup, Mr Aristeguieta, oversaw 60,000 people and a third of the company's earnings. Before that, he was head of Citigroup's business in Latin America, and prior to that led its transaction services group in Latin America covering securities servicing, trade and cash management. He was also vice chairman for Banco de Chile.

Mr O'Hanley said this leadership appointment supports the company's goal to make State Street a more nimble and effective organisation for clients.

"His deep experience and proven leadership qualities will advance our strategy and growth objectives on behalf of our clients and shareholders, and augment our already strong local management teams outside of the US," he added.

"I believe there are tremendous opportunities ahead given State Street's scale and global footprint, and the innovation and talent it is bringing to the industry. I look forward to building on these advantages and further expanding the company's international reach, top-line growth and contribution to results," Mr Aristeguieta said.

Outside of the US, State Street said it currently provides solutions for clients in 28 countries and more than 100 markets with about 25,000 employees. It added that client demand for global support is being driven by the rapid development of retirement schemes, the growth of collective investment vehicles, and favourable demographic trends.