Indian-American business leader Ajay Banga is set to become the next President of the World Bank, which has announced that he is the only candidate nominated for the position.
Before he is formally appointed, Mr. Banga will be interviewed by the World Bank’s Board of Executive Directors. President Joe Biden announced in February that Mr. Banga would be nominated to lead the World Bank because he is “well equipped” to lead the global institution at “this critical moment in history.” The World Bank closed a month-long window for nominations for its next president on Wednesday, with no alternatives to 63-year-old Banga announced. Mr. Banga is the only candidate who has applied for the position of World Bank President, the financial institution announced on Thursday.
“The Board received one nomination and would like to announce that Mr Ajay Banga, a US national, will be considered for the position,” the bank said.
In this article, we will know about the Indian origin President-to-be of World Bank Ajay Banga.
Introduction
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Ajay Banga is an Indian-born American business executive who has been nominated by US President Joe Biden to be the next president of the World Bank Group, a role that has traditionally been held by an American. If confirmed by the World Bank’s executive board, Banga will succeed David Malpass, who has led the institution since 2019.
Banga is currently vice chairman at General Atlantic, a global growth equity firm. He was previously executive chairman and CEO of Mastercard, one of the world’s largest payment technology companies. He has also held senior positions at Citigroup, PepsiCo and Nestlé in his career spanning over four decades.
Early life
Banga was born on November 10, 1959, in Pune, India, into a Sikh family. His father was an army officer who served in the Indian Army. Banga grew up in different parts of India and attended various schools, including St. Edward’s School in Shimla and Hyderabad Public School in Hyderabad. He graduated with a BA degree in Economics from St. Stephen’s College in Delhi and an MBA degree from the Indian Institute of Management in Ahmedabad.
Banga is married to Ritu Banga, an entrepreneur and co-founder of Zoomdojo, a career platform for young professionals. They have two daughters, Jojo and Dina. Banga became a US citizen in 2007.
Ajay Banga’s career
Banga began his business career as a management trainee at Nestlé India in 1981, where he worked for 13 years in various roles in sales, marketing and general management. He then joined PepsiCo India in 1994 and was involved in launching its international fast food franchises, such as Pizza Hut and KFC, in the country. In 1996, he moved to Citigroup and held various positions across Asia, Europe and North America. He rose to become the CEO of Citigroup Asia Pacific in 2008.
In 2009, Banga joined Mastercard as president and chief operating officer. He became the CEO of the company in 2010 and led its transformation from a traditional card issuer to a digital payments platform. He also expanded Mastercard’s presence in emerging markets, especially in Africa and Asia. He was appointed as executive chairman of Mastercard in 2020 and retired from this position in 2021 to join General Atlantic as vice chairman.
Ajay Banga’s achievements
Banga has been recognized for his leadership and vision by various organizations and publications. He was named among Time magazine’s 100 most influential people in the world in 2012 and Fortune magazine’s businessperson of the year in 2016. He has also received several awards and honors, such as the Padma Shri, one of India’s highest civilian honors, in 2016 and the Ellis Island Medal of Honor, one of America’s highest civilian honors, in 2019.
Banga is also actively involved in various social and philanthropic causes. He is the co-chair of the Partnership for Central America with US Vice President Kamala Harris, a public-private initiative to address the root causes of migration from Central America. He is also the chairman of Exor, a Netherlands-based investment holding company that owns Fiat Chrysler Automobiles, Ferrari and Juventus Football Club. He is also the former chairman of the US-India Business Council and the International Chamber of Commerce. He is a member of the board of directors of Dow Chemical Company and a member of the Council on Foreign Relations and the World Economic Forum.
Why Banga is chosen to lead World Bank?
Banga has been praised by President Biden as “uniquely equipped to lead the World Bank at this critical moment in history”. Biden said that Banga has “spent more than three decades building and managing successful global companies that create jobs and bring investment to developing economies” and has “a proven track record managing people and systems”. Biden also said that Banga has “worked closely with Vice President Harris” on Central America issues.
Banga is expected to face a formal interview with the World Bank’s executive board soon. He is likely to be confirmed as he is the sole nominee for the position.
About World Bank
The World Bank Group consists of five institutions that provide loans, grants, technical assistance and policy advice to developing countries to reduce poverty and promote economic growth. The World Bank Group has 189 member countries and employs over 10,000 staff across more than 120 offices worldwide.