Ajay Banga, ex-Mastercard CEO, named World Bank president

The World Bank Group’s executive directors on Wednesday selected Ajay Banga, former chief executive officer (CEO) of Mastercard, as president.

In a statement on its website, the Bretton Woods institution said Banga’s five-year term as president is slated to begin on June 2, 2023.

Banga, a naturalised American, was nominated for the post by U.S. President Joe Biden in February.

Banga was the sole contender to become the bank’s president after David Malpass.

In the statement, the World Bank said its executive board looked forward to working with Banga on its evolution process, as discussed at the April 2023 Spring Meetings.

The bank also affirmed its readiness to work with Banga on all its ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.

The 63-year old Banga most recently served as vice-chairman at General Atlantic — an American growth equity firm providing capital and strategic support for global growth companies.

He previously served as Mastercard’s executive chairman after previously serving as the company’s president and chief executive officer (CEO) from July 2010 to December 31, 2020.

He has also served on the boards of the American Red Cross, Kraft Foods and Dow Inc.

“Ajay Banga is a co-founder of The Cyber Readiness Institute and was Vice Chair of the Economic Club of New York,” the World Bank said.

“He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.”

As president of the World Bank Group, Banga would also serve as the chair of the board of the executive directors of the International Bank for Reconstruction and Development (IBRD).

Banga would also be the ex officio chair of the board of directors of the International Development Association (IDA), International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and of the administrative council of the International Centre for Settlement of Investment Disputes (ICSID).