Facts to know about Ajay Banga, first Indian-American to head World Bank

As Ajay Banga gears to take charge of the World Bank officially, here are some facts to know about him

Indian-origin Ajay Banga is all set to take charge of the World Bank as its next president. The World Bank's 25-member executive board on Wednesday elected Banga to a five-year term as president, effective June 2.

On February 23, Joe Biden, the US president nominated the former Mastercard CEO to take charge. Announcing Banga's nomination, Biden said that the former is uniquely equipped to lead the institution. Biden further added, "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."

As Ajay Banga gears to take charge of the World Bank officially, here are some things to know about him:

• Ajaypal Singh 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, he went on to study Economics at St Stephen's College in the national capital. He later completed his MBA from the Indian Institute of Management, Ahmedabad (IIM-A).

• Banga started his professional career in 1981 with Nestle and ended up working in the sales, marketing, and general management divisions of the company for 13 years. 

• Following Nestle, he joined Pepsico and played a vital role in introducing fast-food franchises in India after the 1991 reforms, according to report published by NDTV.

• In 2010, Banga took on the role of president and chief executive officer (CEO) of Mastercard. Before this, he was the Chief Operating Officer (COO) at the organisation. 

• In 2016, Banga was conferred with the Padma Shri by the Indian government in the field of trade and industry. He was also awarded the Foreign Policy Association Medal in 2012. Banga has also received 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.

• In December 2021, Banga retired from his post as Mastercard's CEO and in January 2022 took responsibility at General Atlantic as its vice chairman.

• Ajay Banga is also 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.