Ajay Banga will take office as the next president at an important moment for the emerging lender as it seeks to tackle climate change more effectively, World Bank announced on Wednesday. After the board decided to nominate his leadership for a five-year period, the bank released a statement saying, "The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process." On June 2, he will replace David Malpass in the position.
Who is Ajay Banga?
Ajaypal Singh Banga, 63, an Indian-American is currently vice chairman of the equity company General Atlantic. Ajay Banga previously worked in India for Citigroup and Nestlé for over a decade before entering Mastercard. He also holds the position of key chairman of the Dutch investments holding firm Exor.
Being the son of Indian Army lieutenant general Harbhajan Banga, Banga was raised in a number of Indian cities. His family, however, is originally from Punjab's Jalandhar.
Ajay Banga did his schooling from Hyderabad Public School. Banga received a Bachelor of Arts (Honours) in Economics from St. Stephen's College, Delhi University, followed by a post-graduate degree from the Indian Institute of Management, Ahmedabad.
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Banga began his business career in 1981 with Nestlé, where he spent the ensuing 13 years in a variety of management and sales roles. He participated in the opening of PepsiCo's international restaurant chain in India. Bangladesh received the Padma Shri, a civil honour, from the Indian government in 2016.
Ajay Banga: Net worth and salary
Ajay Banga had a net worth of $ 206 million (Rs 1700 crore) in 2021, according to CNBC. The value of the Mastercard stocks owned by Ajay Banga is $113,123,489. He has sold thousands of dollars worth of stocks over the past 13 years. He was making $23,250,000 annually at Mastercard. This is roughly equal to Rs 1,92,32,46,975 in Indian rupees. He received Rs 52 lakh in daily compensation, according to this.
