US President Joe Biden has nominated former Mastercard CEO and president Ajay Banga to serve as president of the World Bank.
India-born US citizen Banga is being tapped to replace David Malpass, a former Trump official who is leaving the role early amid controversy about his views on the causes of climate change.
Banga spent 10 years as Mastercard CEO before stepping down in early 2021 for a brief stint as executive chairman at the payments giant.
In a statement, the White House notes that Banga led Mastercard “through a strategic, technological and cultural transformation”.
President Biden says Banga has “critical experience mobilising public-private resources to tackle the most urgent challenges of our time, including climate change”.
Meanwhile, treasury secretary Janet Yellen says Banga’s “efforts have helped bring 500 million unbanked people into the digital economy”.
