WASHINGTON: The World Bank, which will have PIO Ajay Banga as its chief, already has two Indians in top posts: Indermit Gill is its chief economist and former SBI MD Anshula Kant is its MD and Group CFO.
Noiminating Banga, Biden said, “Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results.” The role of World bank is proposed to be redefined to tackle 21st century issues such as climate change along with a greater say for developing countries such as India and China.
Banga, 63, also has critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change, Biden added, noting that he was raised in India and therefore “has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.”
Banga, who was born to Harbhajan Singh Banga, now a retired lieutenant-general of the Indian Army, went to school in Hyderabad, India and graduated from St Stephen’s College in Delhi before earning a management degree from IIM, Ahmedabad. He began his professional career in Nestle, moved to Pepsico and later Citi, before topping a corporate career when he became CEO of Mastercard in 2010, holding the position till 2020. He is currently vice-chairman at General Atlantic.
Banga’s brother MS (Vindi) Banga was the chairman and managing director of Hindustan Unilever before heading to the UK where he served as Unilever’s president for global foods, home and personal care.
The White House statement announcing Ajay Banga’s nomination noted that he has previously served on the Boards of the American Red Cross, Kraft Foods and Dow Inc, and worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America. He is also a member of the Trilateral Commission, a founding trustee of the U.S.-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.
Ajay Banga is known widely as an innovative thinker and a great motivational speaker. Among his oft-cited quote is one on the importance of diversity: In Nature, you get penalised for not being diverse enough. Being a panda and having bamboo as your only food source quite dramatically increases your chances of becoming extinct.
Noiminating Banga, Biden said, “Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results.” The role of World bank is proposed to be redefined to tackle 21st century issues such as climate change along with a greater say for developing countries such as India and China.
Banga, 63, also has critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change, Biden added, noting that he was raised in India and therefore “has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.”
Banga, who was born to Harbhajan Singh Banga, now a retired lieutenant-general of the Indian Army, went to school in Hyderabad, India and graduated from St Stephen’s College in Delhi before earning a management degree from IIM, Ahmedabad. He began his professional career in Nestle, moved to Pepsico and later Citi, before topping a corporate career when he became CEO of Mastercard in 2010, holding the position till 2020. He is currently vice-chairman at General Atlantic.
Banga’s brother MS (Vindi) Banga was the chairman and managing director of Hindustan Unilever before heading to the UK where he served as Unilever’s president for global foods, home and personal care.
The White House statement announcing Ajay Banga’s nomination noted that he has previously served on the Boards of the American Red Cross, Kraft Foods and Dow Inc, and worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America. He is also a member of the Trilateral Commission, a founding trustee of the U.S.-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.
Ajay Banga is known widely as an innovative thinker and a great motivational speaker. Among his oft-cited quote is one on the importance of diversity: In Nature, you get penalised for not being diverse enough. Being a panda and having bamboo as your only food source quite dramatically increases your chances of becoming extinct.