Last update: May 03, 2023, 9:24 PM IST
Ajay Banga is the first person of Indian origin to lead the World Bank. (AFP)
Ajay Banga, the former CEO of Mastercard, was appointed in February this year by US President Joe Biden to lead the World Bank. He will take office at a pivotal time for the development lender as it seeks to better tackle climate change
The World Bank on Wednesday confirmed Ajay Banga, of Indian origin, as its next president. Banga, the former CEO of Mastercard, was appointed in February this year by US President Joe Biden to lead the World Bank.
Banga will take over the development lender at a crucial time as it seeks to better tackle climate change.
“The board looks forward to working with Mr. Banga on the World Bank Group’s evolutionary process,” the bank wrote in a statement released shortly after the board voted to approve. its leadership for a term of five years. He will succeed David. Malpass on June 2. Malpass resigned in February.
Born in Pune, Banga graduated in economics from the prestigious St Stephen’s College in Delhi. He got his MBA from IIM Ahmedabad, one of the best B schools in India.
HERE IS EVERYTHING YOU NEED TO KNOW ABOUT AJAY BANGA, 63:
- Ajay Banga is the first Indian-American and Sikh-American to lead one of the two major international financial institutions – the International Monetary Fund and the World Bank.
- He is currently Vice President of General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through strategic, technological and cultural transformation.
- He was awarded the Padma Shri by the Government of India in 2016.
- Banga started his career at Nestlé, India, where he worked for 13 years before joining Pepsico. In 1996 Banga joined Citigroup and worked in its offices in India and Malaysia. He served as CEO of the company’s Asia-Pacific region.
- In 2009, Banga joined MasterCard as president and chief operating officer and was named the company’s CEO the following year.
- Last January, Banga took up his post as vice-president of the investment firm General Atlantic.
- Banga is co-founder of the Cyber Readiness Institute, vice president of the Economic Club of New York, and served as a member of President Barack Obama’s Commission on Improving National Cybersecurity. He is a former member of the US President’s Advisory Committee on Trade Policy and Negotiations.
- He is Honorary President of the International Chamber of Commerce, serving as President from 2020 to 2022.
(With contributions from the agency)
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