General Atlantic, the global growth equity firm, announced 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 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.
Bill Ford, Chairman and CEO of General Atlantic, commented, ‘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 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.
Banga also currently serves as Chairman of the International Chamber of Commerce. He is also an independent director at Singaporean investment firm Temasek and the Exor holding company, where he serves as Chair of the company’s environmental, social and corporate governance committee. He is the former Chairman of the U.S.-India Business Council, having represented more than 300 of the largest international companies investing in India during his time with the organization. Banga is a co-founder of The Cyber Readiness Institute, a founding trustee of the U.S.-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations and Chairman Emeritus of the American India Foundation. He served as a member of President Obama’s Commission on Enhancing National Cybersecurity and the U.S. President’s Advisory Committee for Trade Policy and Negotiations.
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.