MasterCard hires Ajay Banga as president and COO

Credit card payment facilitator MasterCard today announced that it had hired citigroup's Ajay Banga ,49, as president and chief operating officer.

Banga, whose appointment will come int effect on 31 August 2009, will report to Robert W Selander, currently President and chief executive officer, who will continue as CEO after Banga joins.

Banga is currently Citigroup's chief executive officer 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. He is also a member of the company's senior leadership and executive committees.

At MasterCard, Banga will be responsible for key business operations including customer relationships globally in international and US markets, products, services, marketing, technology and operations. Finance, human resources, and law and franchise integrity functions will continue to report to Selander. 

Banga, who joined Citi in 1996 as head of marketing and sales in India. In 2005, he was named chairman and CEO of Citi's global consumer group international, 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, Banga, a BA in economics honours from Delhi University and graduate of the Indian Institute of Management, Ahmedabad, spent 13 years with Nestle India and two years with PepsiCo.

Banga serves on the board of directors of Kraft Foods Inc, and is on the board of trustees of the Asia Society. He has previously served as vice chairman of the board of trustees of the New York Hall of Science and a board member of the National Urban League.