New Delhi: US President Joe Biden on Thursday announced that Washington is nominating former MasterCard chief executive Ajay Banga to lead the World Bank, after its current chief David Malpass announced plans to step down early.
Indian-American business leader Ajay Banga, 63, is currently serving as the vice-chairman at equity firm General Atlantic. He was previously the chief executive officer at MasterCard.
In a statement released by Biden, he said Banga has “critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change.”
Banga joined MasterCard as president and chief operating officer in late August 2009.
In April 2010, he was named president and CEO, effective from July 1, 2010. Before joining MasterCard, he served as the chief executive officer of Citigroup’s AsiaHPacific Region.
In that role, Banga was responsible for all of its business lines in the region, including institutional banking, alternative investments, wealth management, consumer banking, and credit cards.
Ajay Banga was also a member of Citi’s senior leadership and executive committees. Banga joined Citigroup in 1996 and served in a variety of positions of increasing responsibility. His roles included that of chairman and chief executive officer of the International Global Consumer Group; president of Retail Banking North America; business head for CitiFinancial and the U.S. Consumer Assets Division; and, division executive for the consumer bank in Central/Eastern Europe, Middle East, Africa, and India.
Prior to Citigroup, Banga spent 13 years with Nestle, India, where he held a variety of assignments ranging from sales, marketing, and general management.
He also spent two years at Pepsico, where he was instrumental in launching Pepsico’s international fast food franchises in India.
Banga currently serves on the board of directors of Kraft Foods. He is a member of the Council on Foreign Relations and The Economic Club of New York, as well as a fellow of the Foreign Policy Association. He is also a member of The Financial Services Roundtable and member of the Business Roundtable, where he chairs the Information and Technology Initiative.
Banga has keen interest in social development issues. He previously served on the boards of trustees of Enterprise Community Partners and the National Urban League and was vice-chairman of the board of trustees for the New York Hall of Science.
Ajay Banga completed B.A. in economics from Delhi University. He is also an alumnus of the Indian Institute of Management, Ahmedabad.