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MasterCard's Ajay Banga to head USIBC
Washington, April 16, 20912:
Ajay Banga, president & CEO of MasterCard Worldwide, has been elected next chairman of the US-India Business Council (USIBC), a trade association made of 350 top American and Indian companies
Banga, who became the president and CEO of global payments and technology company in July, 2010, takes over from Harold "Terry" McGraw III, president, chairman, and CEO of The McGraw-Hill Companies.
"As a long time supporter and member of USIBC, I have witnessed the Council's stature and influence rise dramatically as a direct result of the iconic leadership provided by former chairs Chip Kaye, Indra Nooyi, and Terry McGraw," said Banga.
"It is an exceptional honour to be entrusted with such a legacy and I look forward to building on their successes." Banga currently serves on the board of Kraft Foods and is a member of such prestigious groups as the Council on Foreign Relations, the Business Roundtable, and the Foreign Policy Association.
Banga's "deep business experience in India, as well his global business acumen and leadership, will be enormously helpful as we move forward to realise the full potential of closer US-India relations," said McGraw.
"By expanding the partnership between our two nations over the next several years, including passage of a bilateral investment treaty, we can move from $100 billion in two-way trade to $500 billion by the end of the decade," he added.
"MasterCard's activities in India empowering people via financial inclusion and making available to every segment of Indian society innovative payment solutions are central to the future US-India growth story," said USIBC President, Ron Somers......IANS/NRIpress.com
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BIO
- In 2005, became an Executive Vice President of the Global Consumer Group and President of the Retail Banking North America organization- Responsible for branch banking, commercial banking, commercial real estate, commercial financing and leasing, mortgages, student loans and the Primerica Financial Services distribution channel. He is a member of Citigroup’s Management Committee and the Global Consumer Group’s Planning Committee
- In 1996, he joined Citigroup and was business head for CitiFinancial and the U.S. Consumer Assets Division--served as the Head of Sales, Marketing and Business Development for the Europe, Middle East and Africa Region, based in Brussels.
- In 1981, he joined as management trainee with Nestle- and got assignments in sales and marketing.
- After 13 years services with Nestle, then joined PepsiCo, in its Restaurants Division and was instrumental in the launch of Pizza Hut and KFC in India.
- He got bachelor's degree in economics from Stephens College, Delhi and MBA from Ahmedabad
- Born at Khadki, Pune, India and moved to different cities due to his father's job in army
- His brother is the former chairman of Hindustan Lever
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