Business Standard - On Thursday, the US nominated ex-MasterCard CEO Ajay Banga to head the World Bank. Announcing the nomination, U.S. President Joe Biden said that Banga is "uniquely equipped to lead" the institution. 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. Read more
Ajaypal Singh Banga, 63, is an Indian-American currently serving as vice chairman at equity firm General Atlantic.
Born in Pune, Banga received BA in economics from St. Stephen's College, Delhi University. He is also an alumnus of the Indian Institute of Management, Ahmedabad.
He worked for 13 years with Nestle, India and also spent two years at Pepsico, before joining Citigroup in 1996 where he served in a variety of positions for increasing responsibility, including as CEO of its Asia-Pacific region.
He was also a member of Citi's senior leadership and executive committees.
He joined MasterCard as President and Chief Operating Officer in August 2009 and was named its CEO in April 2010.
He 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 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 American India Foundation.
He was also awarded the Foreign Policy Association Medal 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honour and the Business Council for International Understanding's Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
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