Global growth equity major General Atlantic has announced the appointment of former Mastercard CEO Ajay Banga as Vice Chairman. Ajay would advise on strategic matters for the firm, its investment teams and its portfolio of more than 165 growth companies around the world, General Atlantic said in a statement.

Banga, who will hand over the reins of Mastercard to Michael Miebach, is expected to assume his responsi bilities with General Atlantic on January 1, 2022. Banga will join General Atlantic after 12 years at Mastercard, including more than a decade as President and CEO, and most recently as Executive Chairman.

Bill Ford, Chairman and CEO, General Atlantic says, “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."

The firm said that Banga remain as a member of the Advisory Board for BeyondNetZero, General Atlantic’s climate venture that invests in highgrowth companies developing innovative climate solutions.

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

Speaking on the occasion, Banga said, “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, he added. Banga, who started his career at Nestle India, also served as CEO of Citigroup Asia Pacific during his nearly 13-year tenure with the bank.