Last Update: February 23, 2023, 23:55 IST
Ajay Banga was awarded the Padma Shri by the Government of India in 2016. (Reuters file pic)
Pune-born, Indian-American Ajay Banga is the former CEO of Mastercard. He was nominated on Thursday by US President Joe Biden to lead the World Bank.
Indian-American Ajay Banga, former CEO of Mastercard, was on Thursday nominated by US President Joe Biden to lead Mastercard World Edge.
In a statement, Biden business leader said is uniquely equipped to lead the global organization at “this critical moment in history”. The US President said, “He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guide organizations through fundamental change. “
The current President of the World Bank, David Malpass, resigned last week.
Here’s all you need to know about 63-year-old Ajay Banga:
- Ajay Banga, if confirmed by the World Bank’s board of directors, will be the first Indian-American and Sikh-American to head either of the two top international financial institutions – the International Monetary Fund and the World Bank.
- He is currently the Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through strategic, technological and cultural transformation.
- He was awarded the Padma Shri by the Government of India in 2016.
- Born in Pune, Banga is an economics graduate from the prestigious St Stephen’s University in Delhi.
- He holds an MBA degree from IIM, Ahmedabad, one of the premier B-schools in India.
- Banga started his career with Nestle, India, where he worked for 13 years before moving to PepsiCo. In 1996, Banga joined Citigroup and worked in India and Malaysia Office. He served as the CEO of the company’s Asia-Pacific region.
- In 2009, Banga joined Mastercard as president and chief operating officer and was named the company’s CEO the following year.
- In January last year, Banga had taken over as the vice-chairman of equity firm General Atlantic.
- Banga is co-founder of The Cyber Readiness Institute, vice president of the Economic Club of New York, and serves as a member of President Barack Obama’s Commission on Enhancing National Cyber Security. He is a former member of the US President’s Advisory Committee for Trade Policy and Negotiations.
- He is Honorary President of the International Chamber of Commerce, serving as President from 2020–2022.
(With PTI inputs)
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