Citigroup on Monday named Stephen Bird and Shirish Apte as chief executives of its Asia-Pacific operations, replacing Ajay Banga, who last month announced he was stepping down to join MasterCard.

The US bank has also appointed Shengman Zhang, a former World Bank managing director, as chairman for Asia Pacific. Mr Zhang will be charged with forging and expanding relationships with clients, regulators, government officials and employees in the region.