The US government has proposed former MasterCard CEO Ajay Banga run the World Bank after its current head David Malpass revealed his intention to stand down early on Thursday. The US government has proposed former MasterCard CEO Ajay Banga run the World Bank after its current head David Malpass revealed his intention to stand down early on Thursday.
Ajay Banga, a 63-year-old Indian-American businessman, is now General Atlantic’s vice-chairman. In the latter part of August 2009, Banga began serving as president and COO of MasterCard. His previous position at MasterCard was chief executive officer. Biden stated that Banga has “critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change.”
Ajay Banga also worked for Nestle in India for 13 years
In that capacity, Banga was accountable for all of its business divisions in the area, including institutional banking, alternative investments, wealth management, consumer banking, and credit cards.
The top leadership and executive committees of Citi also included Ajay Banga. At Citigroup since 1996, Banga has held a number of jobs of increasing significance. He served as the chairman and CEO of the International Global Consumer Group, president of Retail Banking North America, business head for CitiFinancial and the U.S. Consumer Assets Division, and division executive for the consumer bank in Central/Eastern Europe, the Middle East, Africa, and India, among other positions.
Banga worked for Nestle in India for 13 years before joining Citigroup, where he held a number of positions in sales, marketing, and general management. He also worked with Pepsico for two years, where he played a key role in opening the company’s Indian fast-food franchisees.
Banga completed a B.A. in economics from Delhi University
Banga is now a member of Kraft Foods’ board of directors. He is a fellow of the Foreign Policy Association and a member of the Council on Foreign Relations and The Economic Club of New York. He also participates in the Business Roundtable, where he chairs the information and technology initiative, and the Financial Services Roundtable.
Banga is very interested in topics relating to social development. He formerly served as vice-chairman of the board of trustees at the New York Hall of Science and on the boards of Enterprise Community Partners and the National Urban League. Ajay Banga earned B.A. in economics from Delhi University. He graduated from the Indian Institute of Management in Ahmedabad as well.
The nomination of Banga comes at a time when development bankers are being urged to restructure and better tackle global challenges including environmental concerns. Janet Yellen, the US Treasury Secretary, has stated that the fundamental lending models, in which nations borrow to undertake particular investments addressing developmental challenges, are “insufficient to meet the moment.”