|Monday, 22 June 2009 00:00
|MasterCard appoints new president and COO
MasterCard has appointed Ajay Banga as its new president and chief operating officer.
He takes over from Robert Selander as president of the card network, though Selander will continue to serve in his role of CEO after 49-year-old Banga joins MasterCard on August 31.
Banga is currently CEO of Citi Asia Pacific, responsible for all of Citi's business lines in the region including credit cards and consumer banking, institutional banking, wealth management and alternative investments.
At MasterCard he will be responsible for business operations including customer relationships globally in international and US markets, products, services, marketing, technology and operations. The company's finance, human resources, and law and franchise integrity functions will continue to report to Selander.
Selander commented: "Ajay's experience in diverse industries and diverse geographies will reinforce and strengthen our global competencies as electronic payments continue to accelerate worldwide."
Banga joined Citi in 1996 as head of marketing and sales in India and quickly rose through the ranks to head of sales, marketing and business development for Europe, Middle East and Africa, based in Brussels. He was then appointed division executive, consumer bank for Central and Eastern Europe, Middle East and Africa, based in London.
He was named chairman and CEO of Citi's Global Consumer Group International in 2005, which included all credit card and consumer banking operations outside North America. He was appointed to his current position in 2008. Prior to joining Citigroup, he spent 13 years with Nestle India and two years with PepsiCo.