He joins General Atlantic after 12 years at Mastercard, including more than a decade as President and CEO, and most recently as Executive Chairman. Banga also currently serves as Chairman of the International Chamber of Commerce.
General Atlantic, a leading global growth equity firm, announced today that Ajay Banga has joined the firm as Vice Chairman. In this role, Banga will advise on strategic matters for the firm, its investment teams, and its portfolio of more than 165 growth companies around the world. Banga will assume his responsibilities with General Atlantic on January 1, 2022.
Banga is a global leader in technology, data, and financial services, with a long track record of developing commercially sustainable social impact and innovating for inclusion. He joins General Atlantic after 12 years at Mastercard, including more than a decade as President and CEO, and most recently as Executive Chairman. During his tenure at Mastercard, he drove its transformation, repositioning it from a payments network solely focused on serving banks to a technology and data services company focused on connecting people, governments, and businesses of all kinds to the digital economy. He expanded the business into new markets globally, acquiring and integrating new companies and products, more than tripling its revenue and overseeing an increase of 16X in its market cap.
Bill Ford, Chairman and CEO of General Atlantic, commented, “We could not be more thrilled to have Ajay joining our firm at this very exciting moment for global growth investing. I have long respected Ajay’s global perspective, his focus on the long term and his leadership as a champion for innovation. Our portfolio companies and our entire firm will benefit tremendously from Ajay’s diverse experience and insights.”
Banga commented, “Today’s entrepreneurs are currently building some of the most exciting solutions and companies in the financial, technology, healthcare and consumer sectors, and embedding in them new approaches to tackling some of the biggest societal and environmental issues of our time. I look forward to helping them scale and deliver impact as a member of the General Atlantic team, itself a true partner to high-growth businesses.”
Banga will continue to serve as a member of the Advisory Board for BeyondNetZero, General Atlantic’s climate venture that invests in high-growth companies developing innovative climate solutions.
Over the past decade, Banga’s service has been recognized with India’s Padma Shri Award, the Distinguished Friends of Singapore Public Service Star, the Ellis Island Medal of Honor, the Business Council for International Understanding’s Global Leadership Award and the Foreign Policy Association Medal.
Prior to Mastercard, Banga served as CEO of Citigroup Asia Pacific, where he led in a variety of senior management roles in the United States, Asia Pacific, Europe, Middle East and Africa over the course of his nearly 13-year tenure with the bank. Mr. Banga began his career at Nestlé India.