Who is Ajay Banga, US nominee for World Bank president
What's the story
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.
Context
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.
Background
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.
Education
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).
Professional
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.
Information
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.
Mastercard
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.