Citigroup Inc.'s experienced finance executive, Ajay Banga, who shoulders company's Asia-Pacific business, has been hired by MasterCard Inc., the 2nd biggest card network after Visa Inc. 

Mr. Banga, 49, is going to join MasterCard Inc. in August this year, as the president and chief operating officer of the company.

A statement from MasterCard Inc., said that Mr. Banga will succeed Mr. Robert Selander, 58, who will quit his duties in Aug. and continue as CEO.

As far as salary & perks are concerned, Mr. Banga will dig up $800,000 as salary, $4.2 million signing bonus and $4.9 million in restricted stock. 

Mr. Banga's exit is like a bolt from the blue for Citigroup CEO Vikram Pandit, who was planning to expand his bank abroad in the near future.

It is worth mentioning here that the government is having a 34 % stake in Citigroup after $36 billion of loss was reported by the financial major during the past six quarters.
Recession also hit profits of MasterCard, which plunged for two consecutive quarters as consumers slashed their spending. 

After JPMorgan Chase & Co.'s decision to shift more business to Visa, the company lost more than half of a $59 billion portfolio of U.S. debit-card users.

Mr. Banga joined Citigroup in 1996 as head of marketing in India for the consumer business. After receiving many promotions during the period in-between, in 2008, he was given the responsibility to oversee all of the bank's businesses in Asia.

Until that time, apart from working for Citigroup, Mr. Banga worked at Nestle SA and PepsiCo.