Indian-origin American corporate leader Ajay Banga will start his five-year term as World Bank President from today, June 2. Banga takes charge at a crucial time when the World Bank is looking to reshape its role in addressing climate change.
In a statement on May 4, the World Bank said that it aims to work with Banga on “all the World Bank Group's ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.”
Ajay Banga was the sole candidate nominated by the United States for the top job. He is set to begin his new role on June 2 for a five-year term, taking over from David Malpass, who is stepping down early.
Who is Ajay Banga?
Indian American Ajaypal Singh Banga is a top business executive who has worked in leading firms like Nestle, PepsiCo, Mastercard and Citigroup. He currently serves as the US equity firm General Atlantic vice chairman.
Banga was born on November 10, 1959, into a Saini Sikh family of the Khadki cantonment in Pune, Maharashtra. His father was an army officer, and his family moved around the country during Banga’s childhood because of his father’s transfers.
He attended the Hyderabad Public School and the St. Edward's School in Shimla after which he pursued a Bachelor of Arts in Economics degree from St. Stephen's College in Delhi.
He then obtained a post-graduate Management degree from the Indian Institute of Management, Ahmedabad.
Ajay Banga is married to Ritu Banga, and the couple has two children Jojo and Aditi Banga.
Career
Ajay Banga started his professional career in 1981 at Nestlé SA after which he joined PepsiCo Inc and helped the company launch its fast-food franchise in India.
He then joined Citigroup in 1996 and was made the business head of CitiFinancial and the US consumer-assets division within four years.
In 2005, Banga was appointed to lead all of the bank's international consumer operations.
He was then named Citigroup's head of the Asia-Pacific region in 2008 and he later stepped down from the role to join Mastercard as president and chief operating officer in 2009. He was promoted to the CEO of Mastercard in less than a year.
He then rose to the ranks of executive chairman at Mastercard and served in the position till December 31, 2020.
In 2021 he joined General Atlantic where he currently serves as the vice chairman.
Awards and recognition
Ajay Banga was felicitated with India’s fourth highest civilian honour, the Padma Shri, in 2016 for his contributions to the field of trade and industry.
He was also awarded the Foreign Policy Association Medal in 2012 and the Ellis Island Medal of Honour and the Business Council for International Understanding's Global Leadership Award in 2019.
(Edited by : Sudarsanan Mani)
First Published: May 4, 2023 2:02 PM IST
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