Meet Ajay Banga, Pune-Born IIM Alumnus, Who Is Biden’s Pick to Lead World Bank

Indian-American Ajay Banga, the previous CEO of Mastercard, was on Thursday nominated by US President Joe Biden to lead the World Bank.

In a press release, Biden mentioned the enterprise chief is uniquely geared up to lead the worldwide establishment at “this critical moment in history”. “He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change,” the US President mentioned.

The World Bank’s present president David Malpass resigned final week.

Here’s all you want to learn about 63-year-old Ajay Banga:

• Ajay Banga, if confirmed by the World Bank Board of Directors, can be the first-ever Indian-American and Sikh-American to head both of the 2 high worldwide monetary establishments – the International Monetary Fund and the World Bank.
• He is presently the Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, main the corporate via a strategic, technological and cultural transformation.
• He was awarded the Padma Shri by the Indian authorities in 2016.
• Born in Pune, Banga is an economics graduate from Delhi’s prestigious St Stephen’s University.
• He earned his MBA diploma from IIM, Ahmedabad, one in every of India’s premier B-schools.
• Banga began his profession with Nestle, India, the place he labored for 13 years earlier than shifting to Pepsico. In 1996, Banga joined Citigroup and labored at its India and Malaysia workplaces. He served because the CEO of the corporate’s Asia-Pacific area.
• In 2009, Banga joined MasterCard as president and chief working officer and was named the corporate’s CEO the following 12 months.
• Last January, Banga took cost because the Vice Chairman of fairness agency General Atlantic.
• Banga is a co-founder of The Cyber Readiness Institute, Vice Chair of the Economic Club of New York and served as a member of President Barack Obama’s Commission on Enhancing National Cybersecurity. He is a former member of the US President’s Advisory Committee for Trade Policy and Negotiations.
• He is the honorary chairman of the International Chamber of Commerce, serving as chairman from 2020-2022.(With PTI inputs)

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