The United States (US) President, Joe Biden, has nominated former Mastercard CEO, Ajay Banga, to lead the World Bank following the resignation of current World Bank president, David Malpass.
A statement from the White House on the nominee indicates that Banga, who is currently vice chair at private equity firm, General Atlantic, and also serving as an advisory capacity for the firm’s $3.5 billion climate change fund, is a leading players in technology, data, financial services, and innovating for inclusion, amongst others.
The bank’s board of directors is expected to officially appoint its next leader in May. Malpass, who was nominated by former US president Donald Trump in 2019, is set to step down by June.
As CEO of Mastercard for more than a decade, the White House stated that Banga led the company through a “strategic, technological, and cultural transformation”, before leaving the firm in 2021.
The nominee’s CV includes a stint as chair of the International Chamber of Commerce between 2020 and 2022. He has also previously served as a board member at the American Red Cross, Kraft Foods, and Dow, and he is a co-founder of The Cyber Readiness Institute.
Biden further stated that Banga “has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change”.
In addition, the US President noted that the nominee, who was raised in India, possesses a “unique perspective” on the opportunities and challenges facing developing countries, which will be invaluable as the World Bank delivers on reducing poverty and broadening prosperity.
