Who is Ajay Banga, nominated by Joe Biden to be next World Bank president?

Announcing Banga's nomination, Biden said that Banga is "uniquely equipped to lead" the World Bank

On Thursday, the US nominated ex-Mastercard CEO Ajay Banga to head the World Bank. Announcing the nomination, US President Joe Biden said that Banga is "uniquely equipped to lead" the institution. 

"He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results," Biden said. 

The departure of David Malpass from the agency was seen by the US as an opportunity to select a leader that can lead the World Bank for the welfare of the less-wealthy. 

"Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity," Biden's statement read. 

Who is Ajay Banga?

Ajaypal Singh Banga, known as Ajay Banga, was born in Pune on November 10, 1959. After completing his school education at St Edward's School, Shimla, and at the Hyderabad Public School, Hyderabad, Banga went on to study Economics at St Stephen's College, Delhi. 

Later, he completed his MBA from the Indian Institute of Management, Ahmedabad (IIM-A). 

He started his career in 1981 with Nestle. For 13 years, he worked in the sales, marketing and general management divisions of the company. Later, he joined Pepsico and played a key role in launching fast food franchises in India post-1991 reforms. 

In 2010, Mastercard announced that Banga would take on the role of president and chief executive officer (CEO) of the company from July 1, 2010. Before this, he was the chief operating officer (COO) of the firm.

In December 2021, after 12 years at the helm of Mastercard, he retired from the post of CEO. On January 1, 2022, he assumed the responsibility at General Atlantic as its vice chairman. 

Banga is the honorary chairman of the International Chamber of Commerce, serving as chairman from 2020-2022. He is also chairman of Exor and independent director at Temasek.

He is a member of the Trilateral Commission, a founding trustee of the US-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.

Banga was also awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.