The World Bank has announced that Ajay Banga, an Indian-American business executive, will become its next president, succeeding David Malpass.
Banga, who has been serving as the Vice Chairman of equity firm General Atlantic, will take charge of the development lender at a critical time as it aims to tackle climate change and push for sustainable development.
Banga’s appointment follows his nomination by US President Joe Biden, who as per tradition, picks the president of the World Bank. The bank’s board voted to approve his leadership for a five-year term, which will begin on June 2.
Born in Pune, India, Ajay Banga has had a distinguished career spanning more than three decades. After earning his MBA from the Indian Institute of Management in Ahmedabad, he started his professional journey with Nestle India and Citibank in India and Malaysia.
In 1996, he moved to the United States and worked with Pepsico for 13 years in various roles, including CEO of the company’s operations in India and Southeast Asia.
In 2009, he joined Mastercard as President and Chief Operating Officer, and later became the CEO, a position he held until his retirement in 2021.
During his tenure at Mastercard, Banga led the company’s global expansion and played a vital role in developing new payment technologies and solutions.
He is also a strong advocate for promoting financial inclusion and has worked with governments and organizations to expand access to financial services for underserved populations.
Apart from his business endeavors, Banga is a member of several business and non-profit organizations, including the Business Roundtable, the International Cricket Council, and the US-India CEO Forum.
He has received numerous awards and honors for his contributions to business and society, including the Padma Shri, one of India’s highest civilian awards.
As the new president of the World Bank, Banga faces several challenges, including addressing climate change and promoting sustainable development.
His experience in the private sector and his commitment to financial inclusion and sustainability will undoubtedly help him lead the World Bank towards achieving its goals.
