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Ajay Banga: DU graduate, IIM-A alumnus who is set to head World Bank
Ajay Banga's nomination by the US all but assures he will assume a job that oversees billions of dollars of funding as the institution embarks on a major series of reforms to better respond to climate change and other pressing challenges facing developing countries.
Ajay Banga is uniquely equipped to lead the World Bank at this critical moment in history, US President Joe Biden said on Thursday as he nominated the ex-Mastercard CEO, an Indian-American, to head the international financial institution.
“He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change," Biden said in a statement.
“He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results.”
The development lender has started accepting candidate nominations in a process that will run until March 29. The World Bank has historically been headed by someone from the United States, its largest shareholder, while the leader of the International Monetary Fund (IMF) is customarily European. However, developing countries and emerging markets have pushed to widen those choices, according to Reuters.
Germany, another major shareholder, has pushed for a woman to take the job since the bank has never been headed by a woman in its 77-year history.
Banga's nomination comes days after current World Bank President David Malpass announced plans to step down early. His term would originally have ended in 2024.
Who is Ajay Banga?
- Ajay Banga, 63, is an Indian-American currently serving as vice chairman at equity firm General Atlantic.
- Born in Pune, Banga received B.A. in economics from St. Stephen's College, Delhi University. He is also an alumnus of the Indian Institute of Management, Ahmedabad.
- He joined MasterCard as president and chief operating officer in August 2009 and was named its CEO in April 2010.
- Banga 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 of increasing responsibility, including as CEO of its Asia-Pacific region.
- He was also a member of Citi's senior leadership and executive committees.
