MasterCard

set plans Wednesday to go public.

The big Purchase, N.Y., credit card issuer said it wants to do an initial public offering that will give the public voting control of the company. MasterCard is currently owned by 1,400 banks and other financial institutions that issue cards under the MasterCard name.

MasterCard said that after the IPO, public shareholders will control 49% of its stock and 83% of its voting rights. The company will use proceeds of the offering to buy shares from existing holders, reducing their stake in the company to 41%.

MasterCard said it will appoint a new board with a majority of independent directors and set up a charitable foundation that will get a 10% stake in the company.