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US to Pick Ex-Mastercard CEO Banga as World Bank President

  • If approved, he would succeed Malpass, who was picked by Trump
  • US, which is No. 1 shareholder, traditionally chooses chief
Bloomberg business news
US to Nominate Ajay Banga for World Bank President
Updated on

President Joe Biden will nominate former Mastercard Inc. Chief Executive Officer Ajay Banga in a surprise pick to be the next president of the World Bank as Washington pushes the lender to expand its financial firepower and confront global issues such as climate change and public health.

Banga “has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change,” Biden said in a statement Thursday.