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Ajay Banga

Ajay Banga named in Carnegie's 2023 'Great Immigrants' list

Los Angeles, June 29, 2023 A.Gary Singh

World Bank President Ajay Banga has been named to this year’s “Great Immigrants” list by the Carnegie Corporation of New York, which honours contributions by immigrants to American life.

From India, he is the only honouree in the prestigious Carnegie list, which has named more than 700 “Great Immigrants” since 2006.

With over 30 years of experience in key positions, Banga is expected to usher in transformative policies at the World Bank to combat poverty and address climate change, opening opportunities for people around the globe, a Carnegie statement.

Banga Said

  • We need to find ways to embrace the value and talent immigrants have to offer — not the least of which is their diversity. Their diverse perspectives and experiences make us stronger.



NRI Businessman Ajay Banga is the
new president of the World Bank

Los Angeles, May 04, 2023 A.Gary Singh

The World Bank’s board of governors on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, ushering in an Indian-born finance and development expert to revamp the lender to tackle climate change and other global crises.

Banga, 63, was nominated for the post by US President Joe Biden in late February and was the sole contender to replace departing World Bank chief David Malpass, an economist and former US Treasury official who served in the Trump administration. He starts the new job on June 2.

The election came after World Bank board members interviewed Banga for four hours on Monday. Malpass’s last day at the bank will be June 1. The decision came in a vote by 24 of the board’s members, with Russia abstaining, instead of the usual consensus-based process,

“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President,” Biden said. “He will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction — including climate change.”


U.S. pick for World Bank, Ajay Banga,
to meet with Modi in native India, March 23, 2023

The U.S. nominee to lead the World Bank, former Mastercard (MA.N) CEO Ajay Banga, returns to his native India on Thursday, capping a three-week global tour to drum up support and discuss development and climate needs with donor and borrowing countries.

The Treasury said Banga will visit New Delhi on March 23 and 24, where his likeness has already been posted on billboards. He will meet with Prime Minister Narendra Modi as well as the minister of finance, Nirmala Sitharaman, and the minister of external affairs, Subrahmanyam Jaishankar.



US nominates former Mastercard chief NRI, Ajay Banga 
as World Bank president, Feb 23, 2023

On Thursday, U.S. President Joe Biden nominated former MasterCard CEO Ajay Banga to become president of the World Bank to mobilize private funds to expand financial inclusion and help developing countries grapple with climate change.

Ajay Banga is vice-chair of US private equity group General Atlantic and served as chief executive of Mastercard until the end of 2020.

The US president said Banga had a grasp of the challenges facing developing countries and “critical experience” in mobilising private money to “tackle the most urgent challenges of our time, including climate change”.  While the US, the bank’s largest shareholder, has traditionally chosen the World Bank president, it requires backing by other member countries.

Banga is now a naturalised US citizen. Banga oversaw close to a decade of strong revenue growth at Mastercard and was seen as an advocate of global financial inclusion.

He also serves as chair of the investment holding company Exor, which owns a controlling stake in Juventus football club, and as an independent director at Temasek, Singapore’s state-owned investment fund.

The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.

  • The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group.
  • It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. 
  • In the 1970s, it focused on loans to developing world countries, shifting away from that mission in the 1980s.
  • For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its loan strategy is influenced by the United Nations' Sustainable Development Goals, as well as environmental and social safeguards.

The World Bank is run by a president and 25 executive directors, as well as 29 various vice presidents. IBRD and IDA have 189 and 174 member countries, respectively.

The U.S., Japan, China, Germany and the U.K. have the most voting power. The bank aims loans at developing countries to help reduce poverty.

The bank is engaged in several global partnerships and initiatives, and takes a role in working toward addressing climate change. The World Bank operates a number of training wings and it works with the Clean Air Initiative and the UN Development Business. It works within the Open Data Initiative and hosts an Open Knowledge Repository.




Ajay Banga got top position in Citigroup

New York, Sep. 01, 2005
NRI press

NRI, (non-resident Indian) Ajay Banga is an Executive Vice President of the Global Consumer Group and President of the Retail Banking North America organization. In this role, he is responsible for branch banking, commercial banking, commercial real estate, commercial financing and leasing, mortgages, student loans and the Primerica Financial Services distribution channel. He has additional responsibility for servicing and technology for all the real estate businesses in the consumer bank. Mr. Banga is a member of Citigroup’s Management Committee and the Global Consumer Group’s Planning Committee.

Prior to assuming his current responsibilities, Mr. Banga, who joined Citigroup in 1996, was business head for CitiFinancial and the U.S. Consumer Assets Division. He was previously Division Executive for the Consumer Bank in Central/Eastern Europe, Middle East, Africa and the Indian subcontinent, based in London. Mr. Banga also served as the Head of Sales, Marketing and Business Development for the Europe, Middle East and Africa Region, based in Brussels.

Mr. Banga began his business career as a management trainee with Nestle in 1981. He spent the next 13 years in a variety of assignments spanning sales, marketing and general management. He later joined PepsiCo, in its Restaurants Division and was instrumental in the launch of Pizza Hut and KFC in India.

Mr. Banga is a member of the Financial Services Roundtable (F.S.R., an industry organization) as well as a Board Member of the New York Hall of Science, the National Council on Economic Education and The Enterprise Foundation. He is an alumnus of the Indian Institute of Management in Ahmedabad, India.

He attended St Stephens College in Delhi to obtain a bachelor's degree in economics, and then went to Ahmedabad for an MBA.

His brother is the former chairman of Hindustan Lever (and currently non-executive chairman with additional responsibility as business group president of Unilever's $6 billion home and personal care business in Asia) and you are the vice-president of Citibank.

He was born at Khadki, near Pune at place where his father was in the army and he used to live there. He have to travel and live difeerent cities because hie father used to get transfered every two three years.