Ajay Banga facts for kids
Quick facts for kids
Ajay Banga
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Banga at the White House in 2023
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| President of the World Bank Group | |
| Assumed office June 2, 2023 |
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| Preceded by | David Malpass |
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| Born |
Ajaypal Singh Banga
November 10, 1959 Poona, Bombay State, India |
| Citizenship | Indian (1959–2007) American (2007–present) |
| Relatives | M. S. Banga (brother) |
| Education | St. Stephen's College, Delhi (BA) Indian Institute of Management, Ahmedabad (MBA) |
Ajaypal Singh "Ajay" Banga (born November 10, 1959) is a well-known Indian-born American business leader. He is currently the president of the World Bank Group. This important group helps countries around the world with money and advice.
Before leading the World Bank, he was the chairman of Mastercard. He also served as its president and CEO from 2010 to 2020. After leaving Mastercard, he became vice chairman at General Atlantic, a company that invests in other businesses. He also chaired Exor, an investment company, and the Partnership for Central America with U.S. Vice President Kamala Harris.
Banga was also the chairman of the U.S.-India Business Council. This group represents over 300 large international companies that invest in India. He also led the International Chamber of Commerce. In May 2023, he was chosen to be the President of the World Bank. He was nominated for this role by the Biden administration in February 2023.
Contents
Early Life and Education
Ajay Banga was born on November 10, 1959, in Pune, Maharashtra, India. His family belongs to the Punjabi Sikh community. His father, Harbhajan Singh Banga, was a retired lieutenant-general in the Indian Army. Ajay is the younger brother of businessman M. S. Banga.
He went to school at St. Edward's School, Shimla, and the Hyderabad Public School. He later earned a Bachelor of Arts degree in economics from St. Stephen's College, Delhi. After that, he completed his management studies (like an MBA) at the Indian Institute of Management, Ahmedabad. In 2007, he became a US citizen.
Business Career
Starting Out
Ajay Banga began his career in business in 1981 at Nestlé. For 13 years, he worked in different roles like sales and marketing. Later, he joined PepsiCo. He helped launch popular fast food places like Pizza Hut and KFC in India. This happened when India's economy was becoming more open.
Working at Citigroup
In 1996, Banga joined Citigroup, a big financial company. He worked in different leadership roles there. From 2005 to 2008, he was in charge of Citi's consumer banking outside of North America. He also helped lead Citi's efforts in microfinance. This is about giving small loans to people who might not get them from regular banks.
In 2008, Banga became the head of the bank's business in Asia-Pacific. He helped reorganize Citigroup's operations in Asia. This gave local leaders more power over different parts of the bank's business.
Leading Mastercard
In 2010, Ajay Banga became the president and chief executive officer (CEO) of Mastercard. He also joined its board of directors. He took over from Robert W. Selander.
During his time as CEO, Mastercard grew a lot. He helped triple the company's income and increased its market value significantly. In 2020, he started the Priceless Planet Coalition. This group of about 100 companies invests in projects to protect the environment. Mastercard also promised to plant 100 million trees. He left his CEO role at Mastercard at the end of 2020.
Recent Roles
In 2020, Banga was chosen as the chairman of the International Chamber of Commerce (ICC). This organization promotes global trade and investment. On January 1, 2022, he started working as vice chairman at General Atlantic. This is a company that invests in growth companies.
In May 2022, he was named non-executive chairman of Exor. This is an investment company owned by the Agnelli family. He stepped down from this role in May 2023 when he was appointed to the World Bank.
Public Service Career
In February 2015, President Barack Obama asked Banga to join a special committee. This committee advises the President on trade policy and negotiations.
After the 2020 elections, Banga became an adviser to Vice President Kamala Harris. He chaired the Partnership for Central America. In this role, he led business leaders who advised on the US administration's work in El Salvador, Guatemala, and Honduras.
On February 23, 2023, President Biden nominated Banga to lead the World Bank. On May 3, 2023, the World Bank officially confirmed him as its fourteenth president. He started his term on June 2, 2023.
Other Activities
Ajay Banga has also been involved with several important organizations:
- He served on the Board of Directors for Exor and Temasek Holdings.
- He is the chair of the Partnership for Central America (PCA).
- He is the chair of the International Chamber of Commerce (ICC).
- He is a member of the Board of Governors for the American Red Cross (ARC).
- He is also a member of the Board of Trustees for the World Economic Forum.
Recognition
Ajay Banga has received several honors for his work. In 2016, the Government of India gave him the Padma Shri award. This is a high civilian honor in India.
In 2023, the Carnegie Corporation of New York recognized him with a Great Immigrants Award. Also in 2023, Time Magazine included him in their "Time100 Climate" list. In 2024, he was named one of the Times 100 Most Influential People by Time Magazine.
On April 10, 2024, he was a guest at a special dinner at the White House. This dinner was hosted by U.S. President Joe Biden for the Prime Minister of Japan.
At the G20 New Delhi Summit
Ajay Banga took part in the 2023 G20 New Delhi summit. This is a meeting of leaders from the world's major economies. During the summit, he talked about the need to focus on issues like food shortages and gender equality. He said these are important alongside the World Bank's main goal of ending poverty. He praised the "New Delhi Declaration" from the summit. He was happy with the parts of the declaration that talked about improving global banks. Banga also spoke about new challenges like pandemics and climate change. He explained how these challenges affect the World Bank's mission.
See Also
In Spanish: Ajay Banga para niños
- Indians in the New York City metropolitan area
- Indian Americans
- Gita Gopinath
