Indian-origin Ajay Banga Chosen as World Bank President

May 4, 2023

Indian-origin Ajay Banga has been selected as the new World Bank President. He will serve in this position for five years starting from June 2, succeeding David Malpass. The World Bank aims to tackle climate change more effectively under Banga’s leadership. The World Bank has 189 nations, including India, as its members. US President Joe Biden nominated Ajay Banga for the post of World Bank President, and he was the only candidate nominated for the role.

Facts About Ajay Banga

Ajay Banga is a recipient of India’s fourth-highest civilian award, Padma Shri.
Banga finished his schooling at Hyderabad Public School and obtained his post-graduate degree from the Indian Institute of Management, Ahmedabad (IIM-A).
He is currently serving as the Vice Chairman of equity firm General Atlantic.
Banga started his career at Nestle in 1981 and then worked for PepsiCo. He spent over a decade at Nestle in various roles, including marketing, sales, and management.
Banga played an instrumental role in launching fast-food franchises in India while working at PepsiCo.
He spent ten years as the President and CEO of Mastercard and was also a member of the Board of Directors.
He held various positions at Citigroup Inc., including as CEO of the Asia-Pacific region.
Ajay Banga’s net worth is $206 million, and he owns Mastercard stocks worth around $113,123,489. He was reportedly taking home $23,250,000 annually as his salary at Mastercard.

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