NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / Who is Ajay Banga, US nominee for World Bank president
    Business

    Who is Ajay Banga, US nominee for World Bank president

    Who is Ajay Banga, US nominee for World Bank president
    Written by Athik Saleh
    Feb 24, 2023, 10:48 am 3 min read
    Who is Ajay Banga, US nominee for World Bank president
    Ajay Banga is currently General Atlantic's vice chairman

    An Indian-American could be at the helm of the World Bank. Former MasterCard CEO and businessman Ajay Banga has been nominated by the US to lead one of the Bretten Woods twins. David Malpass, the bank's current chief, announced his decision to step down earlier this month. US President Joe Biden made Banga's nomination public on Thursday.

    Why does this story matter?

    • The World Bank plays a significant role in the long-term economic development of several countries around the world. With major economies now supporting a development agenda that does not hamper climate goals, a new World Bank president will have their hands full.
    • If he is selected, Banga will be the first person of Indian origin (PIO) to lead the prestigious institution.

    Banga was born in Pune in 1959

    Banga hails from a Punjabi family. He was born on November 10, 1959, in Pune. His father, who retired as a lieutenant-general from the Indian Army, was posted in Pune at the time of his birth. His elder brother, MS Banga, is also a businessman and is currently a senior partner at Clayton, Dubilier, & Rice.

    He is an alumnus of IIM Ahmedabad

    Although born in Pune, Banga's early education was distributed between Shimla and Hyderabad. He went to St. Edward's School in Shimla and Hyderabad Public School in Hyderabad. He completed his bachelor's in economics from the prestigious St. Stephen's College in Delhi. After that, he earned PGP in Management, which is the same as MBA, from the Indian Institute of Management, Ahmedabad (IIM-A).

    Banga began his career at Nestlé India

    Banga began his professional career at Nestlé India in 1981. During his 13 years at the company, he did various roles ranging from sales to general management. After Nestlé, Banga worked at Pepsico for two years. This was during India's economic liberalization. He was instrumental in launching PepsiCo's fast-food franchises in the country during that time.

    He was Citigroup's Asia-Pacific CEO

    In 1996, Banga joined Citigroup. He was the group's CEO for the Asia-Pacific region. Prior to that, he held various senior management roles in the US, Asia-Pacific, Europe, and the Middle East and Africa regions.

    Banga is now General Atlantic's vice chairman

    Banga's time at MasterCard began in 2009. He joined as the company's president and chief operating officer. The following year, he became the CEO, a position he held till December 31, 2020. He was the company's executive chairman till December 31, 2021. Banga joined General Atlantic, a private equity firm, after leaving Mastercard. He currently serves as its vice chairman.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    World Bank
    Joe Biden
    United States of America

    World Bank

    US nominee Ajay Banga to become World Bank president unopposed  Joe Biden
    World Bank president nominee Ajay Banga tests positive for COVID-19 India
    India questions World Bank's stand on Indus Waters Treaty India
    India wants to change Indus Waters Treaty, cites Pakistan's 'intransigence' India

    Joe Biden

    #NewsBytesExplainer: Why President Joe Biden's son may face serious charges US Department of Justice
    Frustrated Trump throws up hands as court sets trial date Donald Trump
    Will be 'happy to host' Quad summit in 2024: Modi Narendra Modi
    US faces roadblocks in regulating AI: What are they Artificial Intelligence and Machine Learning

    United States of America

    Uganda: President signs anti-LGBTQ law imposing jail, death penalty Uganda
    On NTR's centenary anniversary, North Carolina observes Telugu Heritage Week  N Chandrababu Naidu
    US Defense Secretary Lloyd Austin to visit India next week Lloyd Austin
    COVID-19 still claims one life every four minutes COVID-19

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023