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. Edward's School HPS Begumpet |
| Alma mater | St. Stephen's College, Delhi (BA) IIM Ahmedabad (MBA) |
Ajaypal Singh "Ajay" Banga, born on November 10, 1959, is an important business leader. He is an Indian American. Currently, he is the President of the World Bank Group.
Before this, he was the chairman of Mastercard, a big company that helps people pay for things. He was also its president and CEO from July 2010 until December 2020. He retired from Mastercard in December 2021. After that, he became a vice chairman at General Atlantic, another company.
Before leading the World Bank, he was chairman of Exor, an investment company. He also chaired the Partnership for Central America. This group worked with U.S. Vice President Kamala Harris. Mr. Banga also used to lead the U.S.-India Business Council (USIBC). This group helps over 300 large companies invest in India. He was also chairman of the International Chamber of Commerce.
Ajay Banga was chosen as President of the World Bank on May 3, 2023. He was first suggested for the role in February 2023 by the Joe Biden administration.
Contents
Early Life and Education
Ajay Banga was born on November 10, 1959. His family is Punjabi Sikh and from Jalandhar, Punjab, India. He was born in Khadki, which was then part of Bombay State. His father, Harbhajan Singh Banga, was a lieutenant-general in the Indian Army. Ajay is the younger brother of businessman M. S. Banga.
Banga went to St. Edward's School in Shimla. He also studied at the Hyderabad Public School in Begumpet. He earned a bachelor's degree in economics from St. Stephen's College at the University of Delhi. Later, he completed his postgraduate program in management, which is like an MBA, at the Indian Institute of Management Ahmedabad. In 2007, Mr. Banga became a US citizen.
Business Career
Starting His Career
Ajay Banga began his business journey in 1981 at Nestlé. For 13 years, he worked in sales, marketing, and general management roles. Later, he joined PepsiCo. He helped launch international fast food restaurants like Pizza Hut and KFC in India. This happened as India's economy became more open.
Working at Citigroup
In 1996, Banga started working at Citigroup, a large bank. He first worked as a debt collector as part of his training. From 2000 to 2002, he led CitiFinancial and the US Consumer Assets Division. Between 2005 and 2008, he was the chief executive of Citi's International Global Consumer Group. This group handled all credit card and consumer banking outside of North America. During this time, he helped lead Citi's efforts in microfinance around the world.
In 2008, Banga became the chief executive of the bank's Asia-Pacific business. He spent his time between New York and Hong Kong. He led a big reorganization of Citigroup's operations in Asia that year. This gave regional leaders more power across the bank's different services.
Leading Mastercard
In April 2010, Mastercard announced that Ajay Banga would become its president and chief executive officer (CEO). He had been the chief operating officer (COO) before this. He officially started his new role on July 1, 2010. He also joined the company's board of directors. Banga took over from Robert W. Selander, who had been CEO since 1997.
During his time as CEO, Banga helped Mastercard grow a lot. The company's income increased six times. Its market value grew from less than $30 billion to over $360 billion. In 2020, he started the Priceless Planet Coalition. This group of about 100 companies invests in protecting the environment. He also launched Mastercard's promise to plant 100 million trees.
Other Important Roles
In 2020, Banga was chosen as chairman of the International Chamber of Commerce (ICC). He had been the ICC's First Vice-Chair since June 2018. On January 1, 2022, Banga became the vice chairman at General Atlantic. On May 24, 2022, he was named non-executive chairman of Exor. This is an investment company controlled by the Agnelli family. He left 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 the President's Advisory Committee for Trade Policy and Negotiations. This committee advises on trade matters.
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 her on the 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 confirmed Banga as its fourteenth president. He officially started his term on June 2, 2023.
Participation in the 2023 G20 New Delhi Summit
Ajay Banga, as President of the World Bank, attended the 2023 G20 New Delhi summit. During the meeting, he spoke about the need to focus on issues like food insecurity and gender equality. He said these were important alongside the World Bank's main goal of ending poverty. He praised the New Delhi Declaration, calling it "a job well done by India." He was happy with the parts of the declaration that talked about reforming international banks. Banga also discussed how global challenges, like pandemics and climate change, have changed the World Bank's mission.
Recognition
In 2016, the Government of India honored Banga with the Padma Shri. This is a high civilian award. In 2023, Banga was named by Carnegie Corporation of New York as an honoree of the Great Immigrants Awards. Also in 2023, Time Magazine included Banga in its "Time100 Climate" person list. In 2024, Time Magazine also included him in the "Times 100 Most Influential People" list.
On April 10, 2024, Banga was a guest at a special dinner hosted by U.S. President Joe Biden. The dinner was held at the White House to honor Prime Minister Fumio Kishida.
Personal Life
Ajay Banga has two daughters and three grandchildren. His older daughter, Aditi, studied at Harvard University and Stanford Graduate School of Business. She works as an executive at Instagram. His younger daughter, Jyotika, also studied at Harvard University. She is a vice president at Clear Secure.
See also
In Spanish: Ajay Banga para niños
- Indians in the New York City metropolitan area
- Gita Gopinath
