World Bank World Bank appoints Indian-origin Ajay Banga as its next president
The World Bank said in an official announcement that Ajay Banga has been appointed as its next president.
Banga will be assuming the top role during a crucial time for the development bank, as it seeks to improve its efforts to tackle climate change.
"The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process," the bank wrote in a statement.
The statement was published soon after the board approved his leadership by voting for a tenure of five years.
He will take the baton from David Malpass on June 2. Malpass expressed his desire to step down from the bank's helm in February.
Ajaypal Singh Banga (63) has served as Vice Chairman at General Atlantic and previously held the position of President and Chief Executive Officer at Mastercard for a period of 11 years.
He began his career at Nestle SA where he spent more than 10 years working in various roles related to marketing, sales, and management.
Banga’s father was an Indian Army officer and he lived in various parts of the country during his childhood.
He was born in Khadki cantonment located in Pune, India. He completed his undergraduate studies at Delhi University and went on to obtain his MBA from the Indian Institute of Management in Ahmedabad.
After working at Nestle SA, Ajay Banga joined PepsiCo Inc and enabled the launch its fast-food franchise in India.
In 1996, he started his tenure at Citigroup and quickly climbed the ranks to become the business head of CitiFinancial and the US consumer-assets division within four years.
By 2005, he was appointed to lead the entire bank's international consumer operations.
Ajay Banga assumed the position of head of the Asia-Pacific region at Citigroup in 2008, which he left to become the President and Chief Operating Officer at Mastercard in 2009. Within a year of joining Mastercard, Banga was elevated to the position of CEO.
The Indian government conferred Padma Shri on Banga in 2016 in the field of trade and industry.
He was also felicitated with the Foreign Policy Association Medal in 2012.
In 2019, he received the Ellis Island Medal of Honor and the Business Council for International Understanding's Global Leadership Award and the Distinguished Friends of Singapore Public Service Star in 2021.
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