The World Bank has announced that Ajay Banga will assume the presidency at a critical time for the growing lender, which is aiming to address the issue of climate change more effectively. Following the board’s decision to nominate him for a five-year term, the bank released a statement declaring that “The Board looks forward to working with Mr Banga on the World Bank Group Evolution process.” On June 2, he will succeed David Malpass in the role.
Who is Ajay Banga?
Ajaypal Singh Banga is an Indian-American businessman, aged 63, who currently serves as the vice chairman of equity firm General Atlantic. Prior to this, Banga worked in India for more than ten years at Citigroup and Nestlé before joining Mastercard. He also holds the position of key chairman at Dutch investment holding firm Exor.
Ajay Banga, the incoming president of the World Bank, was raised in various Indian cities as the son of Harbhajan Banga, a lieutenant general in the Indian Army. Although his family hails from Jalandhar in the state of Punjab.
Ajay Banga attended Hyderabad Public School for his schooling. He later pursued his Bachelor of Arts (Honours) in Economics from St. Stephen’s College, Delhi University. He then went on to receive a post-graduate degree from the Indian Institute of Management, Ahmedabad.
Ajay Banga started his career in 1981 at Nestlé, where he held various sales and management positions for 13 years. He also played a role in the launch of PepsiCo’s international restaurant chain in India. In 2016, he was awarded the Padma Shri, a civilian honour, by the Indian government.
Ajay Banga: Net worth and salary
According to CNBC, Ajay Banga’s net worth in 2021 was $206 million (approximately Rs 1700 crore). He owns Mastercard stocks worth $113,123,489. Over the past 13 years, he has sold stocks worth thousands of dollars. At Mastercard, he earned an annual salary of $23,250,000, which is roughly equivalent to Rs 1,92,32,46,975 in Indian rupees. He received daily compensation of Rs 52 lakh, as reported.