Early in May, Ajaypal Singh Banga, better known as Ajay Banga, created history after being unanimously elected the president of the World Bank. The prestigious post, usually occupied by an American – similarly, the IMF chairperson has always been a European – went to an Indian American this time after the board of governors of the Washington DC-based multilateral agency voted for Mr Banga. In February, US President Joe Biden had nominated Mr Banga to the high office to succeed David Malpass.

Mr Banga, the former CEO of Mastercard and ex-CEO of Citigroup’s Asia-pacific business, has been a US citizen since 2007. The 63-year-old former corporate executive was until recently vice-chairman of global private equity company General Atlantic. Experts tracking global multilateral agencies opine that Mr Banga as the World Bank head is set to bring much-needed reforms at the global lender. They cite the new World Bank chief’s previous record as a successful top executive of many multinational companies, who has also been active across various social welfare fora.

Born in Pune, young Ajaypal had spent his childhood in various cities as his army-man father took up postings across the country. He completed his bachelor’s degree in economics from Delhi’s St Stephen’s College and later graduated out of IIM Ahmedabad. He began his career with Nestle in India and spent the next 13 years working in jobs spanning across sales, marketing and general management. Later he joined PepsiCo and was involved in the launch of its international fast food franchises, including Pizza Hut and KFC, in India as the economy liberalised.

In 1996, Mr Banga joined Citigroup and worked across the global bank’s divisions, swiftly climbing the corporate ladder. As CEO of Citi’s International Global Consumer Group, he spearheaded the top lender’s strategy in the microfinance sector across the world. In 2008, Mr Banga became the CEO of Citigroup’s Asia-Pacific business and led a major reorganisation of Citi’s Asian operations.

Mr Banga took over as CEO of Mastercard in 2008 at the height of the global financial crisis. Undeterred by the gloom, he led a team of executives and pushed the use of credit card across the world. Soon, the payment processor’s revenue tripled and its net income grew by six times. Under his leadership, Mastercard launched the Center for Inclusive Growth, which continues to advance equitable and sustainable economic growth and financial inclusion around the world. After retiring from Mastercard in December 2021, Mr Banga was roped in as vice-chairman of General Atlantic. 

Mr Banga was equally passionate about contributing to social and ecological causes throughout his illustrious career in the corporate world for over three decades. He has been a part of the Priceless Planet Coalition, a group of about 100 companies that make corporate investments to preserve the environment. He is also an adviser to General Atlantic’s climate-focused fund BeyondNetZero.

Mr Banga takes charge of the World Bank at a crucial period when most of the world is battling scorching inflation and economic slowdown. There are other issues such as debt crisis of lower and middle-income countries, rising global poverty and hunger and perils of climate change. Hopes are running high on the new World Bank chief making a positive difference, given his impeccable past track record.