World Bank considering Banga as next president

Ajay Banga, a United States national, Ajay Banga, is set to become the next president of the World Bank in June when the current head of the group, David Malpass, steps down.

The global bank announced on Friday that Banga is the only nominee for the position of the next president of the lender.

Last month, Malpass announced his intentions to quit his position after over four years of service.

The World Bank said in the statement on Friday that only Banga nomination was received and that he would be considered for the position.

It stated, “The World Bank Group’s board of executive directors today confirmed that, as announced on February 22, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday at 6:00 pm ET,” World Bank said.

“The board received one nomination and would like to announce that Ajay Banga, a US national, will be considered for the position.

“In accordance with established procedures, the board of executive directors will conduct a formal interview with the candidate in Washington DC, and expect to conclude the Presidential selection in due course.”

In February, US President Joe Biden had nominated Banga to lead the World Bank saying that he is “well equipped” to lead the global institution at “this critical moment in history.”

“He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” Biden had said.

Banga, a 63-years-old, was born in India and is a naturalised US citizen. He currently serves 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.