In Pics: All you need to know about Ajay Banga, the next World Bank president
Banga, the first World Bank president from South Asia, takes over on June 2 from outgoing president David Malpass, who is stepping down early from a presidency clouded by questions over his climate stance.
Former Mastercard CEO Ajay Banga, an Indian army officer's son with decades of corporate experience, was confirmed on May 3 to lead the World Bank for a five-year term that starts next month. His leadership comes as the bank pivots to face climate change, a crucial transition that the former Mastercard chief sees as closely tied to vanquishing inequality -- and he has big plans for the private sector's role in that task.
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Born into a Sikh family in the Indian city of Pune, in the state of Maharashtra, Banga is a naturalized US citizen.
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Banga was educated at St. Edward's School, Shimla, and at the Hyderabad Public School in Hyderabad. He went on to graduate with a Bachelor of Arts (Honours) degree in Economics from St. Stephen's College, Delhi followed by a PGP in Management (equivalent to MBA) from the Indian Institute of Management, Ahmedabad.
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Banga is considered a global leader in technology, data, financial services and innovating for inclusion. More recently, he was vice chairman at private equity firm General Atlantic.
The 63-year-old grew up in different parts of the country due to his father's job as an army officer, before starting out at the Indian subsidiary of Nestle in the early 1980s. He went on to have a successful business career in India, and later relocated to the United States.
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Banga ran the payments company Mastercard for more than a decade between 2010 and 2021, and has also served on the boards of the American Red Cross, Kraft Foods and Dow Inc.
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In February 2015, US President Barack Obama appointed Banga to serve as a member of the President's Advisory Committee for Trade Policy and Negotiations. In 2016, the Government of India awarded Banga the fourth-highest civilian honour, the Padma Shri.
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Banga, the first World Bank president from South Asia, takes over on June 2 from outgoing president David Malpass, who is stepping down early from a presidency clouded by questions over his climate stance. (With inputs from agencies)
