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MasterCard Taps Citi Asia Pacific Chief Ajay Banga As COO

Posted on: Fri, 19 Jun 2009 18:13:00 EDT

Symbols: C, MA

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(RTTNews) - Citigroup Inc.'s ( C | Quote | Chart | News | PowerRating) Asia Pacific chief Ajay Banga will join credit card processor MasterCard Inc. (MA | Quote | Chart | News | PowerRating) as President and Chief Operating Officer on August 31.

Robert Selander, currently MasterCard's President and Chief Executive Officer, will relinquish the post of President after Banga joins the company.

Citigroup said a successor for Banga will be named shortly.

Banga, 49, 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.

Banga, who joined Citi in 1996 as head of marketing and sales in India, served as business head of CitiFinancial and the U.S. Consumer Assets Division from 2000 to 2002. From 2005 to 2008, he was Chairman and Chief Executive Officer of Citi's International Global Consumer Group. Before that, he served as President, Retail Banking North America. He was appointed to his current position in 2008.

Before joining Citigroup, Banga spent 13 years with Nestle India and two years with PepsiCo. He also currently serves on board of Kraft Foods Inc. (KFT | Quote | Chart | News | PowerRating).

Banga is the latest in a series of seasoned executives to leave Citigroup over the past year, including investment banker Michael Klein and wealth-management chief Sallie Krawcheck.

Citigroup shares closed Friday's regular trading session at $3.17, up 4 cents, while MasterCard shares closed Friday's regular trading session at $161.35, down $2.04 or 1.25%.

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