Top Job at MasterCard Goes to Ajay Singh Banga

Here on TLH we’ve often highlighted the accomplishments of Sikhs in various sectors of the community.  A recent article in the Wall Street Journal discusses incoming MasterCard CEO, Ajay Banga.  As of July 1st, Mr. Banga will be heading the second-largest credit- and debit-card processor.  His job won’t be easy, particularly during these tumultuous times.  Earlier this month, the Senate approved the financial-overhaul bill which includes provisions that could encourage consumers to use cash and checks over electronic payments.  If the legislation is signed into law, it also could drain billions of dollars in annual revenue from the banks that issue cards branded with the MasterCard logo.

For the past few months, Mr. Banga has been on a whirlwind tour to promote MasterCard to bankers in Asia, Europe and South America. He is encouraging company executives to follow his lead by getting out of their offices to spend time with customers around the world. About 55% of the company’s revenue comes from outside the U.S.

When he isn’t traveling, Mr. Banga slips into his silver Lexus on the Upper East Side of Manhattan each morning and drives about 45 minutes to MasterCard’s suburban campus in Westchester County. He listens to local radio news for the first 15 minutes and then mentally prepares for his day by switching to Sikh devotional music. [link]

Mr. Banga is known to be a “front-line” executive, and is referred to as being “energetic, open and engaging”.  Indian-born Banga graduated with a BA in Economics Honors from Delhi University and is also a graduate of the Indian Institute of Management, Ahmedabad.  Before arriving at MasterCard, Mr. Banga worked at Citigroup Inc. for 13 years, including some time in charge of the bank’s global credit-card business.  Mr. Banga has an interest in social development issues, and over the period from 2005 to 2009, he spearheaded Citi’s strategy in the microfinance sector across the world.  He has undoubtedly accomplished much in his professional career and hopefully will inspire young Sikhs to reach similar heights!