Indian-American Banga Becomes World Bank President

The World Bank on Wednesday confirmed Ajay Banga as its next president, taking charge at a pivotal time for the development lender.

The former Mastercard CEO was nominated for the post by U.S. President Joe Biden in late February and was the sole contender to replace departing World Bank chief David Malpass, an economist and former U.S. Treasury official during the Trump administration.

The confirmation comes after an extensive search process in which Banga was the sole candidate nominated for the position.

Zambian president to meet IMF, World Bank in Washington

“The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process,” the bank wrote in a statement published shortly after the board voted to approve his leadership for a five-year term.

63-year-old Banga is the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions — the International Monetary Fund and the World Bank.

Banga began his career in business at Nestle’s Indian subsidiary in the early 1980s before moving to the United States.

He served as the CEO of Mastercard for more than a decade, from 2010 to 2021, and has also held board positions at the American Red Cross, Kraft Foods, and Dow Inc.

Currently, the Indian-American serves as the Vice Chairman of private equity firm General Atlantic.

Banga will take over the role from David Malpass on June 2.