Citigroup’s Asia-Pacific CEO Ajay Banga will be leaving the company to become MasterCard’s president and COO at the end of August, reports The Wall Street Journal. Currently, MasterCard CEO Robert Selander also operates as president, but Banga will take over these duties.
Citi has not yet named Banga’s successor. In late 2007, Citigroup briefly considered him to succeed former CEO Charles Prince, but chose current CEO Vikram Pandit instead.
Banga’s exit is the latest of a handful of executive losses at the company, which federal officials have expressed concern about due to the lack of Citi’s commercial-banking experience under Pandit.
Banga spent 13 years with Nestle India and two years at PepsiCo before joining Citigroup in 1996.