Ajaypal Singh Banga

Ajaypal Singh "Ajay" Banga (born November 10, 1959 ) is an Indian-born American business executive, who is the president of the World Bank Group since 2023. He was the executive chairman of Mastercard, after having previously been president and chief executive officer (CEO) of the company from July 2010 until December 2020. He retired from this position in December 2021, and joined General Atlantic as its vice chairman.

Before being nominated to the World Bank, he was the chairman of Exor, the Agnelli-Elkann family holding company that controls its stakes in Stellantis and other industrial and financial businesses, and chairman of the public-private Partnership for Central America with U.S. vice president Kamala Harris.

Banga is the former chairman of the U.S.-India Business Council (USIBC) representing more than 300 of the largest international companies investing in India, and chairman of the International Chamber of Commerce.

Banga was elected President of the World Bank on 3 May 2023, having been nominated to the position in February 2023 by the Biden administration.

Early life and education Ajay Banga was born on November 10, 1959, into a Punjabi Sikh Saini family, in Khadki, Bombay State (now in Maharashtra), where his father, an army officer, was posted. His family is originally from Jalandhar, Punjab. His father, Harbhajan Singh Banga, was lieutenant-general in the Indian Army. He is the younger brother of businessman M. S. Banga.

Banga was educated at the St. Edward's School, in Shimla, Himachal Pradesh and at the Hyderabad Public School in Begumpet. He went on to graduate with a bachelor's degree in economics from the St. Stephen's College of the University of Delhi, subsequently earning his Post graduate program in management (equivalent to an MBA) from the Indian Institute of Management Ahmedabad in Gujarat.

Business career Early beginnings Beginning his business career as a management trainee with Nestlé in 1981, Banga spent the next 13 years working in jobs spanning sales, marketing, and general management. He later joined PepsiCo and was involved in the launch of its international fast food franchises, including Pizza Hut and KFC,

Citigroup, 1996–2009 In 1996, Banga joined Citigroup, where he briefly worked as a debt collector as part of his training. From 2005 to 2008 he was chief executive of Citi's International Global Consumer Group, which included all credit card and consumer banking operations outside of North America. In this capacity, he led a major reorganization of Citigroup's Asian operations in 2008 that gave regional heads increased authority across the bank's product lines. Banga received about $10 million in compensation in 2008 from Citigroup, making him one of the firm's highest paid executives that year. a group of about 100 firms that make corporate investments to preserve the environment and launched Mastercard's pledge to plant 100 million trees.

On January 1, 2022, Banga assumed responsibilities at General Atlantic as vice chairman.

Following the 2020 elections, Banga was an outside adviser to then Vice President Kamala Harris as chairman of the Partnership for Central America, where he led a group of business leaders who advised her on the administration's work in El Salvador, Guatemala and Honduras.

On February 23, 2023, Banga was nominated by President Biden to lead the World Bank. On May 3, 2023, the World Bank confirmed Banga as its fourteenth president, and he started his term on June 2, 2023. Dow Chemical Company, member of the Board of Directors (2013–2021)

Non-profit organizations Partnership for Central America (PCA), chair (since 2022) American Red Cross (ARC), member of the Board of Governors (since 2014) Economic Club of New York, vice chair of the Board Peterson Institute for International Economics, member of the Board of Directors Trilateral Commission, member American India Foundation, co-chair of the Board of Directors (2016–2019) New York Hall of Science, vice chair of the Board of Trustee National Urban League, member of the Board Member of the Board of Trustees of the World Economic Forum.

Personal life Banga became a naturalized U.S. citizen in 2007. Banga has two daughters and three grandchildren.