World Bank confirms Ajay Banga’s appointment as its president for five years

Former Mastercard CEO, Ajay Banga will be the next President of the World Bank, succeeding current Chief, David Malpass. He becomes the first-ever Indian American to be elected as the President of the World Bank. 

The World Bank's Executive Directors nominated Ajay Banga as President for a five-year term effective June 2, 2023. In February, President Joe Biden said that the US would propose Banga manage the World Bank because he is "well equipped" to do so at "this critical moment in history." After David Malpass's term as World Bank President expires on June 2, 2023, Banga will take over. With this appointment, Banga becomes the first Indian American and Sikh-American to chair either the IMF or the World Bank.

Banga began his career with Nestle, then moved on to lead Citi's Asia Pacific operations before becoming CEO of Mastercard. He presently serves as Vice Chairman of General Atlantic, a private equity firm. Banga is scheduled to begin his new job in early June.

Banga was born to army officer Harbhajan Singh Banga, who retired as an Indian army lieutenant-general. He attended India's famous St Stephen's College, where he studied economics, and he continued his studies at the prestigious Indian Institute of Management, Ahmedabad.

He began his career with Nestle in India and went on to work with Citigroup in India and Malaysia. Banga had a very successful career with Mastercard where he served as the CEO and reportedly drew a whooping salary of Rs 5.2 million per day. Currently, Banga serves as Vice Chairman at General Atlantic, a private equity company.

Banga is a co-founder of The Cyber Readiness Institute, Vice Chair of the Economic Club of New York and served as a member of President Barack Obama's Commission on Enhancing National Cybersecurity. He is a past member of the US President's Advisory Committee for Trade Policy and Negotiations.

Banga also featured in Fortune's list of the World's Leading Businesspersons and received the Leadership Award from the Business Council for International Understanding.

In 2016, the Indian government awarded Banga with a Padma Shri, the fourth highest civilian honour.