The current President and Chief Operation Officer of MasterCard Inc., Ajay Banga, is about to become the Chief Executive Officer of the consumer-credit related company.

He will be taking up the new post from July 1 and would replace Robert Selander.

Robert had been the CEO for the last 13 years and goes away because of natural retirement.

50-year Banga had joined the company in August last year after giving up his 13 long year job at Citigroup.

He left the bank as a senior manager, with experience of working in various places within US and abroad.

Besides this, Banga was also on the board of directors of Kraft Food. He quit that post before joining MasterCard's board.

Talking about Banga, Richard Haythornthwaite, Chariman of MasterCard said that the board was very fortunate to have Banga on-board. His deep-industry knowledge and experience is going to be very beneficial for the company.

Meanwhile, the outgoing CEO, Selander is known for his work in MasterCard and also stirring it through its IPO, which came in 2006.

The credit-card transaction business had not faced much of an impact of high delinquencies, since it's not into the business of lending money.