Ajay Banga has been recommended for the role of World Bank President. Ajay Banga, an Indian businessman, has been proposed by US President Joseph Biden. He is the first person of Indian heritage to be appointed to this position. Banga is presently a vice president with the private equity firm General Atlantic. Let us now look at his biography.
Ajaypal Banga, who was born in India, began his career with Nestle before moving on to PepsiCo, where he assisted in the introduction of the company’s India-based fast food franchises. He was promoted from COO to CEO and member of Mastercard’s board of directors in mid-2010. President Barack Obama named him to the President’s Advisory Council on Trade Policy and Negotiations in 2015.
More About Ajay Banga
American business entrepreneur of Indian ancestry Ajaypal Singh Banga.On November 10, 1959, in the Khadki cantonment of Pune, Bombay State, India, he was born into a Sikh household. His father was an army officer at the time. He is from Punjab’s Jalandhar. Former lieutenant general of the Indian Army Harbhajan Singh Banga is his father. He is M. S. Banga, a businessmanyounger ,’s brother.
Banga attended St. Edward’s School in Shimla as well as the Hyderabad Public School in Hyderabad. He attended St. Stephen’s College in Delhi where he earned a Bachelor of Arts (Honors) in Economics before continuing on to the Indian Institute of Management in Ahmedabad to finish a PGP in Management, which is the equivalent of an MBA. Banga officially became an American citizen in 2007.
On February 23, 2023, US President Joe Biden announced his nomination to lead the World Bank. He is now vice chairman of General Atlantic. After serving as the company’s president and CEO (CEO) from July 2010 to December 31, 2020, he was appointed executive chairman of Mastercard. He will quit this position on December 31, 2021, and join General Atlantic. His compensation for 2020 was $27.77 million. In addition, he co-chairs the public-private Partnership for Central America with US Vice President Kamala Harris and is the chairman of Exor, a Dutch investment holding company.
Former head of both the International Chamber of Commerce and the US-India Business Council (USIBC), which represents more than 300 of the largest global companies investing in India, is Banga. He also serves on the board of directors for the Dow Chemical Corporation, the Council on Foreign Relations, and the International Business Council of the World Economic Forum.
Banga has been proposed by Vice President Joe Biden for the position of President of the World Bank Group, which has traditionally been filled by the United States.
Career Graph
The beginnings
As a management trainee with Nestlé, Banga started his commercial career in 1981. He spent 13 years working in marketing, sales, and general management. He ultimately joined PepsiCo when the Indian economy liberalised and played a crucial role in the expansion of the company’s international fast food franchises, such as Pizza Hut and KFC, in India.
Citigroup (1996 – 2009)
In order to complete his schooling, Banga temporarily worked as a debt collector before joining Citigroup in 1996. He served as CitiFinancial’s and the US Consumer Assets Division’s CEO from 2000 to 2002. From 2005 until 2008, he served as the CEO of Citi’s International Global Consumer Group, which oversees all consumer banking and credit card operations outside of North America. He was the impetus behind Citi’s worldwide microfinance strategy at the time.
In 2008, Banga was appointed the bank’s Asia-Pacific division’s chief executive, spending his time between New York and Hong Kong. In this capacity, he managed Citigroup’s Asian business’ significant restructure in 2008, which gave local officials more influence over the bank’s product lines. Banga was among Citigroup’s highest paid executives in 2008 according to his pay of almost $10 million.
Mastercard (2010 – 2021)
In April 2010, Banga, who had served as the organization’s COO, was designated president and CEO (P&CEO) and a member of the board of directors. Robert W. Selander, the CEO since March 1997, was replaced by Banga. In his first year, he received $13.5 million in pay.
During his leadership, Banga increased market capitalization from roughly $30 billion to over $300 billion, six-folded net income, and quadrupled sales. He declared the establishment of the Priceless Planet Coalition in 2020, a grouping of more than 100 businesses that have made corporate pledges to environmental preservation, as well as Mastercard’s promise to plant 100 million trees.
What he is Doing Currently in Life
Banga was selected to serve as the head of the International Chamber of Commerce in 2020. (ICC). He served as the ICC’s First Vice-Chair until June 2018.
On January 1st, 2022, Banga was named vice chairman of General Atlantic.
Ajay Banga’s net worth
Banga is reported to have a net worth of $1.2 billion, the majority of which stems from his successful business career.
