An Indian, Ajay Banga was on Monday named as the Chief Executive Officer of Mastercard.

Mastercard named Mr. Banga to succeed the current CEO Robert W. Selander, who will stay on as Executive Vice Chairman and Board Member until he retires on July 31, the company said.

Mr. Banga joined Mastercard Inc. in 2009 and before that was an executive with Citigroup for 13 years. He served Citigroup in various locations, including the U.S., Europe, the Middle East and Africa.

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