After the World Bank's current head, David Malpass announced plans to step down early, US President Joe Biden announced on Thursday that Washington is nominating former Mastercard Chief Executive Ajay Banga to take the helm.
The World Bank is a global financial institution that provides loans and support to developing countries, and the selection of its chief is typically a rigorous process involving multiple rounds of interviews and consultations.
It is also worth noting that the selection of a World Bank chief is often influenced by various factors such as geopolitical considerations, diplomatic relationships, and the candidate's qualifications and experience.
Ajay Banga was born on April 17, 1960, in Pune, India. He has a bachelor's degree in economics from Delhi University as well as an MBA from the Indian Institute of Management in Ahmedabad. Before joining Mastercard, Banga worked for Citigroup for over 13 years, where he held various leadership roles, including CEO of Citigroup Asia Pacific.
Image source: Instagram
He joined Mastercard in 2009 as President and COO and was later appointed CEO in 2010. During his tenure at Mastercard, Banga led the company's transition from a card-focused company to a technology-driven payments company. He is a member of the Dow Chemical Company's board of directors, the Council on Foreign Relations, and the US-India Strategic Partnership Forum.
In 2016, Banga was appointed by President Barack Obama to serve as a member of the Commission on Enhancing National Cybersecurity.
He is also a member of the International Business Council of the World Economic Forum. In 2019, he was awarded the Ellis Island Medal of Honor, which recognizes individuals who have made significant contributions to society.
Banga has been a strong advocate for financial inclusion and has worked to expand access to financial services for underserved populations around the world
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