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{{short description|Indian American business executive and former CEO of Mastercard}}
{{Short description|American business executive (born 1959)}}
{{Infobox person
{{Infobox officeholder
| name               = Ajay Banga
| name               = Ajay Banga
| image             = The President, Shri Pranab Mukherjee presenting the Padma Shri Award to Shri Ajaypal Singh Banga, at a Civil Investiture Ceremony, at Rashtrapati Bhavan, in New Delhi on March 28, 2016.jpg
| image               = The President, Shri Pranab Mukherjee presenting the Padma Shri Award to Shri Ajaypal Singh Banga, at a Civil Investiture Ceremony, at Rashtrapati Bhavan, in New Delhi on March 28, 2016 (cropped).jpg
| caption            = [[Pranab Mukherjee]] (right) presenting the [[Padma Shri]] Award to Banga (2016)
<!-- |office = [[President of the World Bank Group]]
| native_name        = ਅਜੈਪਾਲ ਸਿੰਘ ਬੰਗਾ
| status              = Designate
| native_name_lang  = [[Punjabi]]
| 1blankname          = {{nowrap|Chief Executive}}
| birth_date         = {{Birth-date and age|November 10, 1959}}<ref>{{cite web |title=Ajay Banga |url=https://investor.mastercard.com/corporate-governance/board-of-directors/person-details/default.aspx?ItemId=69055b98-d74b-4715-8b6f-87a385930985 |publisher=Mastercard Incorporated |access-date=February 11, 2021}}</ref>
| 1namedata          = [[Anshula Kant]]
| birth_place       = [[Pune]], [[India]]
| term_start          = June 2023
| citizenship        = United States <ref>{{cite web|url=https://www.nytimes.com/2010/04/13/business/13card.html|title=Naming a New Chief, MasterCard Signals It Is Open to Changes|access-date=2020-09-30}}</ref>
| term_end            =  
| education         = [[University of Delhi]] ([[Bachelor of Arts|BA]])<br>[[Indian Institute of Management Ahmedabad|Indian Institute of Management, Ahmedabad]] ([[Master of Business Administration|MBA]])
| succeeding          = [[David Malpass]]
| death_place        =
| predecessor         = [[David Malpass]]
| occupation        = Executive Chairman, [[Mastercard]].
| successor          =  -->
| predecessor        = [[Robert Selander]] (as CEO)
| birth_name          = Ajaypal Singh Banga
| birth_date          = {{birth date and age|1959|11|10}}
| birth_place         = [[Pune]], [[India]]
| death_date          =
| death_place        =  
| relatives          = [[M. S. Banga]] (brother)
| education           = [[St. Stephen's College, Delhi]] ([[Bachelor of Arts|BA]])<br>[[Indian Institute of Management Ahmedabad|Indian Institute of Management, Ahmedabad]] ([[Master of Business Administration|MBA]])
}}
}}
'''Ajaypal Singh Banga''' (born November 10, 1959<ref>{{cite web |title=Ajay Banga |url=https://investor.mastercard.com/corporate-governance/board-of-directors/person-details/default.aspx?ItemId=69055b98-d74b-4715-8b6f-87a385930985 |publisher=Mastercard Incorporated |access-date=February 11, 2021}}</ref>) is an [[Indian Americans|Indian-born American]] business executive.<ref name="ledger-enquirer">{{cite web |url=https://www.ledger-enquirer.com/news/business/article101425582.html |title=MasterCard CEO discusses diversity, technology, unpredictable world and personal incidents}}</ref>
On February 23, 2023, he was nominated by President of the United States Joe Biden to lead the [[World Bank]]. He is currently vice chairman at [[General Atlantic]].<ref name=":1">{{Cite web |date=2021-12-01 |title=Ajay Banga Joins General Atlantic as Vice Chairman |url=https://www.businesswire.com/news/home/20211201005403/en/Ajay-Banga-Joins-General-Atlantic-as-Vice-Chairman |access-date=2022-08-05 |website=www.businesswire.com |language=en}}</ref> He was [[executive chairman]] of [[Mastercard]], after having previously served as president and [[chief executive officer]] (CEO) of the company from July 2010 until December 31, 2020.<ref name="indiorg">{{cite news|last1=Reshmanth|title=These CEOs of Indian Origin will make you feel proud|url=http://www.southreport.com/these-ceos-of-indian-origin-will-make-you-feel-proud/|access-date=May 22, 2017|publisher=South Report|date=April 6, 2015}}</ref><ref name="mastercard.com">{{cite web|url=http://www.mastercard.com/us/company/en/newsroom/ceo_transition_announcement.html|title=About Mastercard - Smart & Secure Payment Solutions|website=www.mastercard.com}}</ref> He retired from this position on December 31, 2021, to join General Atlantic.<ref>{{Cite web|title=Longtime Mastercard executive Banga to retire at year's end|url=https://www.bankingdive.com/news/longtime-mastercard-executive-banga-to-retire-at-years-end/607019/|access-date=2021-10-14|website=Banking Dive|language=en-US}}</ref> His pay package in 2020 was $27.77 million.<ref>{{Cite web|last=|first=|title=Ajay Banga Salary Information 2020|url=https://www.erieri.com/|url-status=live|access-date=2022-01-12|website=ERI Economic Research Institute|language=en|archive-url=https://web.archive.org/web/20000302020401/http://www.erieri.com:80/ |archive-date=2000-03-02 }}</ref> He is also the chairman of [[Netherlands]]-based investment holding company [[Exor (company)|Exor]] and chairman of the public-private [[Partnership for Central America]] with [[U.S. Vice President]] [[Kamala Harris]].<ref name="auto3">{{Cite web|last=|first=|title=Partnership for Central America - Ajay Banga|url=https://www.centampartnership.org/ajaybanga|url-status=live|access-date=2023-02-23|website=Partnership for Central America|language=en}}</ref> <ref>{{Cite web|last=|first=|title=President Biden Announces U.S. Nomination of Ajay Banga to Lead World Bank|url=https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/23/president-biden-announces-u-s-nomination-of-ajay-banga-to-lead-world-bank/|url-status=live|access-date=2023-02-23|website=The White House|date=23 February 2023|language=en}}</ref>


'''Ajaypal Singh Banga''' (born November 10, 1959) is an [[Indian Americans|Indian-American]] business executive.<ref name="ledger-enquirer">{{cite web |url=https://www.ledger-enquirer.com/news/business/article101425582.html |title=MasterCard CEO discusses diversity, technology, unpredictable world and personal incidents}}</ref> He is currently executive chairman of [[Mastercard]], having previously served as president and CEO of the company from July 2010 until December 31, 2020.<ref name="indiorg">{{cite news|last1=Reshmanth|title=These CEOs of Indian Origin will make you feel proud|url=http://www.southreport.com/these-ceos-of-indian-origin-will-make-you-feel-proud/|access-date=May 22, 2017|publisher=South Report|date=April 6, 2015}}</ref><ref name="mastercard.com">{{cite web|url=http://www.mastercard.com/us/company/en/newsroom/ceo_transition_announcement.html|title=About Mastercard - Smart & Secure Payment Solutions|website=www.mastercard.com}}</ref> Mastercard announced in April 2010 that Banga, previously its president and [[chief operating officer]], would become  president and [[chief executive officer]], effective July 1, 2010, and a member of the board of directors, effective immediately.<ref name=":0">{{Cite web|url=https://www.bloomberg.com/research/stocks/people/person.asp?personId=23673920&privcapId=6477196|title=Bloomberg - Executive Profile|website=www.bloomberg.com|access-date=2019-06-16}}</ref>
Banga is the former chairman of the U.S.-India Business Council (USIBC) representing more than 300 of the largest international companies investing in India, and chairman of the [[International Chamber of Commerce]].<ref>{{Cite web|date=23 June 2020|title=ICC elects Mastercard CEO Ajay Banga as new Chair|url=https://iccwbo.org/media-wall/news-speeches/icc-elects-mastercard-ceo-ajay-banga-as-new-chair/|website=International Chamber of Commerce}}</ref> He is also a member of the board of directors of the [[Dow Chemical Company]]; member of the [[Council on Foreign Relations]]; and member of International Business Council of the [[World Economic Forum]].<ref>{{Cite web |url=http://www.latestgktoday.com/ajaypal-singh-banga-appointed-as-member-of-us-advisory-committee-for-trade-policy-and-negotiations/ |title=Ajaypal Singh Banga appointed as member of US advisory Committee for trade policy and Negotiations |access-date=2015-02-16 |archive-url=https://web.archive.org/web/20150216161355/http://www.latestgktoday.com/ajaypal-singh-banga-appointed-as-member-of-us-advisory-committee-for-trade-policy-and-negotiations/ |archive-date=2015-02-16 |url-status=dead }}</ref>


Banga succeeded [[Robert Selander|Robert W. Selander]], who had been CEO since March 1997.<ref name="mastercard.com"/>
Banga has been nominated by President [[Joe Biden]] as [[President of the World Bank Group]], a role which has traditionally been from the United States.<ref>{{Cite news|url=https://www.nytimes.com/2023/02/23/business/world-bank-president-nomination.html|title=U.S. Nominates Ajay Banga to Lead World Bank|first1=Alan|last1=Rappeport|first2=Coral|last2=Davenport|work=The New York Times |date=February 23, 2023|via=NYTimes.com}}</ref><ref>{{Cite web|url=https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/23/president-biden-announces-u-s-nomination-of-ajay-banga-to-lead-world-bank/|title=President Biden Announces U.S. Nomination of Ajay Banga to Lead World Bank|first=The White|last=House|date=February 23, 2023|website=The White House}}</ref>


In February 2015, President [[Barack Obama]] appointed Banga to serve as a member of the President's Advisory Committee for Trade Policy and Negotiations.<ref>{{cite web|url=https://obamawhitehouse.archives.gov/the-press-office/2015/02/05/president-obama-announces-more-key-administration-posts|work=[[whitehouse.gov]]|title=President Obama Announces More Key Administration Posts|via=[[NARA|National Archives]]|date=5 February 2015}}</ref>
== Early life and education==
Ajay Banga was born on November 10, 1959, in [[Khadki]] cantonment of [[Pune]], [[Bombay State]], India (now in [[Maharashtra]]), into a [[Sikh]] family, where his father, an army officer, was posted.<ref>{{Cite web|url=http://www.sainionline.com/personalities/ajay-banga-ceo-of-master-card-international|title=Ajay Banga, CEO of Master Card International - यदुवंशी सैनी राजपूतों का इतिहास|website=www.sainionline.com}}</ref><ref>{{Cite web|last=Parker|first=Garrett|date=2019-03-01|title=10 Things You Didn't Know about Mastercard CEO Ajaypal Singh Banga|url=https://moneyinc.com/mastercard-ceo-ajaypal-singh-banga/|access-date=2020-12-21|website=Money Inc|language=en-US}}</ref> His family is originally from [[Jalandhar]], [[Punjab, India|Punjab]]. His father, Harbhajan Singh Banga, is a retired [[lieutenant-general]] who served in the [[Indian Army]].<ref name="auto2">Aime Williams, Camilla Hodgson and Anjli Raval (25 February 2023), [https://www.ft.com/content/097b3d80-5b46-4604-a5ce-9726819d9b8a Ajay Banga, World Bank nominee must swap finance for climate] ''[[Financial Times]]''.</ref> He is the younger brother of businessman [[M. S. Banga]].<ref>{{Cite web|url=https://www.forbes.com/global/2010/0809/companies-mastercard-vindi-ajay-india-banga-brothers.html|title=India's Banga Brothers|last=Karmali|first=Naazneen|website=Forbes|language=en|access-date=2020-04-09}}</ref>


Banga is the former chairman of the [[U.S.-India Business Council]] (USIBC) representing more than 300 of the largest international companies investing in India, and chairman of the [[International Chamber of Commerce]].<ref>{{Cite web|date=23 June 2020|title=ICC elects Mastercard CEO Ajay Banga as new Chair|url=https://iccwbo.org/media-wall/news-speeches/icc-elects-mastercard-ceo-ajay-banga-as-new-chair/|website=International Chamber of Commerce}}</ref> He is also a member of the board of directors of the [[Dow Chemical Company]]; member of the [[Council on Foreign Relations]]; and member of International Business Council of the [[World Economic Forum]].<ref>{{Cite web |url=http://www.latestgktoday.com/ajaypal-singh-banga-appointed-as-member-of-us-advisory-committee-for-trade-policy-and-negotiations/ |title=Archived copy |access-date=2015-02-16 |archive-url=https://web.archive.org/web/20150216161355/http://www.latestgktoday.com/ajaypal-singh-banga-appointed-as-member-of-us-advisory-committee-for-trade-policy-and-negotiations/ |archive-date=2015-02-16 |url-status=dead }}</ref>
Banga was educated at [[St. Edward's School, Shimla]],<ref>{{Cite web|url=https://www.tribuneindia.com/news/himachal/world-bank-prez-nominee-studied-at-st-edwards-482940|title=World Bank prez nominee studied at St Edward's : The Tribune India|accessdate=5 March 2023}}</ref> and at the [[Hyderabad Public School]] in [[Hyderabad]]. He went on to graduate with a [[Bachelor of Arts]] (Honours) degree in [[Economics]] from the [[St. Stephen's College, Delhi]] followed by PGP in Management (equivalent to MBA) from the [[Indian Institute of Management, Ahmedabad]].<ref name="mastercard.com"/><ref name=":0">{{Cite web|title=Bloomberg - Executive Profile|url=https://www.bloomberg.com/research/stocks/people/person.asp?personId=23673920&privcapId=6477196|access-date=2019-06-16|website=www.bloomberg.com}}</ref><ref>{{Cite web |url=https://newsroom.mastercard.com/press-releases/mastercard-names-ajay-banga-president-and-chief-executive-officer-succeeding-robert-w-selander/ |title=MasterCard Names Ajay Banga President and Chief Executive Officer Succeeding Robert W. Selander|access-date=2022-02-15 }}</ref>


The Government of India awarded him the civilian honour of the [[Padma Shri]] in 2016.<ref name="Padma Awards 2016">{{cite web | url=http://pib.nic.in/newsite/PrintRelease.aspx?relid=135783 | title=Padma Awards 2016 | publisher=Press Information Bureau, Government of India | date=2016 | access-date=February 2, 2016}}</ref>
Banga was naturalized a [[US citizen]] in 2007.<ref>[https://www.devex.com/news/biden-nominates-ex-mastercard-ceo-ajay-banga-to-lead-world-bank-105015 Biden nominates ex-Mastercard CEO Ajay Banga to lead World Bank] Devex</ref>


==Early life==
== Business career ==
Banga was born November 10, 1959 into a [[Sikh saini]] family in [[Khadki]], [[Pune]], [[Maharashtra]], [[India]] where his father, an army officer, was posted.<ref>{{Cite web|last=Parker|first=Garrett|date=2019-03-01|title=10 Things You Didn't Know about Mastercard CEO Ajaypal Singh Banga|url=https://moneyinc.com/mastercard-ceo-ajaypal-singh-banga/|access-date=2020-12-21|website=Money Inc|language=en-US}}</ref> His family is originally from [[Jalandhar]], [[Punjab, India|Punjab]]. His father, Harbhajan Singh Banga is a retired [[lieutenant-general]] who served in the Indian Army. He is the younger brother of businessman [[M. S. Banga]].<ref>{{Cite web|url=https://www.forbes.com/global/2010/0809/companies-mastercard-vindi-ajay-india-banga-brothers.html|title=India's Banga Brothers|last=Karmali|first=Naazneen|website=Forbes|language=en|access-date=2020-04-09}}</ref>
=== Early beginnings ===
Beginning his business career as a management trainee with [[Nestlé]] in 1981,<ref name="auto1">Suzanne Kapner (13 September 2010), [https://www.ft.com/content/4c177f22-bd07-11df-954b-00144feab49a Master who plays his cards right] ''[[Financial Times]]''.</ref> Banga spent the next 13 years working in jobs spanning sales, marketing, and general management. He later joined [[PepsiCo]] and was involved in the launch of its international fast food franchises, including [[Pizza Hut]] and [[KFC]],<ref name="auto2"/> in India as the economy [[Licence Raj|liberalized]].<ref>{{Cite web|url=https://www.forbes.com/profile/ajaypal-banga/|title=Ajaypal Banga|website=Forbes|language=en|access-date=2020-04-09}}</ref>
[[File:The Prime Minister, Shri Narendra Modi meets the CEO of Master Card and Chairman of USIBC, Shri Ajay Banga, in New York on September 24, 2015.jpg|thumb|Banga with Prime Minister [[Narendra Modi]]]]


Banga grew up and attended schools across India, successively in [[Secunderabad]], [[Jalandhar]], [[Delhi]], [[Ahmedabad, India|Ahmedabad]], before finishing his schooling in [[Shimla]].<ref>{{cite web|url=http://timesofindia.indiatimes.com/biz/international-business/Delhi-whiz-Ajay-Banga-becomes-MasterCard-CEO/articleshow/5788801.cms|title=Delhi whiz Ajay Banga becomes MasterCard CEO - Times of India}}</ref>
=== Citigroup, 1996–2009 ===
In 1996, Banga joined [[Citigroup]], where he briefly served as a debt collector as part of his training.<ref name="auto1"/> He headed up CitiFinancial and the US Consumer Assets Division from 2000 to 2002<ref name="auto4">Greg Farrell (20 June 2009), [https://www.ft.com/content/8361b35a-5d20-11de-9d42-00144feabdc0 Banga leaves Citi for MasterCard] ''[[Financial Times]]''.</ref> From 2005 to 2008 he was chief executive of Citi’s International Global Consumer Group, which included all credit card and consumer banking operations outside of North America.<ref name="auto4"/> During that time, he spearheaded Citi's strategy in the microfinance sector across the world.<ref name="mastercard.com" />  


==Education==
In 2008, Banga became chief executive of the bank's Asia-Pacific business, and splitting time between New York and Hong Kong.<ref>Andrew Martin and Eric Dash (12 April 2010), [https://www.nytimes.com/2010/04/13/business/13card.html Naming a New Chief, MasterCard Signals It Is Open to Changes] ''[[New York Times]]''.</ref> In this capacity, he led a major reorganization of Citigroup’s Asian operations in 2008 that gave regional heads increased authority across the bank’s product lines.<ref name="auto">Maria Aspan (12 April 2010), [https://www.reuters.com/article/us-mastercard-idUSTRE63B24D20100412 MasterCard names ex-Citi exec Banga as CEO] ''[[Reuters]]''.</ref> Banga received about $10 million in compensation in 2008 from Citigroup, making him one of the firm’s highest paid executives that year.<ref name="auto"/>
His primary education was completed at the [[Hyderabad Public School]] in [[Begumpet]]. Banga went on to graduate with a Bachelor of Arts (Honours) degree in [[Economics]] from [[St. Stephen's College, Delhi|St. Stephen's College]], [[Delhi University]] followed by PGP in Management (equivalent to MBA) from the [[Indian Institute of Management, Ahmedabad]].<ref name="mastercard.com"/><ref name=":0" /><ref>{{Cite web |url=http://expressbuzz.com/topic/iim-alumnus-ajay-banga-is-new-ceo-of-mastercard/164795.html |title=Archived copy |access-date=2012-06-03 |archive-url=https://web.archive.org/web/20160304042619/http://expressbuzz.com/topic/iim-alumnus-ajay-banga-is-new-ceo-of-mastercard/164795.html |archive-date=2016-03-04 |url-status=dead }}</ref>


==Career==
=== Mastercard, 2010–2021 ===
Beginning his business career with [[Nestlé]] in 1981, Banga spent the next 13 years working in jobs spanning sales, marketing, and general management. He later joined [[PepsiCo]] and was involved in the launch of its international fast food franchises in India as the economy liberalized.<ref>{{Cite web|url=https://www.forbes.com/profile/ajaypal-banga/|title=Ajaypal Banga|website=Forbes|language=en|access-date=2020-04-09}}</ref>
Mastercard announced in April 2010 that Banga, previously its [[chief operating officer]] (COO), would become president and [[chief executive officer]], effective July 1, 2010, and a member of the [[board of directors]].<ref name=":0" /> Banga succeeded [[Robert Selander|Robert W. Selander]], who had been CEO since March 1997.<ref name="mastercard.com" /> In his first year, he received $13.5 million in compensation.<ref name="auto1"/>


Banga was vice chairman of the board of trustees of the [[New York Hall of Science]] and a board member of the [[National Urban League]]. He was formerly a business sponsor of Citi's African heritage network – NYC.
During his tenure, Banga tripled revenues, increased net income sixfold and grew market capitalization from under $30 billon to more than $300 billion.<ref name="auto2"/> In 2020, he announced the creation of the Priceless Planet Coalition,<ref>Alan Rappeport and Coral Davenport (23 February 2023), [https://www.nytimes.com/2023/02/23/business/world-bank-president-nomination.html U.S. Nominates Ajay Banga to Lead World Bank] ''[[New York Times]]''.</ref> a group of about 100 firms that make corporate investments to preserve the environment, and launched Mastercard’s pledge to plant 100 million trees.<ref name="auto2"/>


Banga has a keen interest in social development issues, and over the period from 2005 to mid-2009, he spearheaded Citi's strategy in the microfinance sector across the world.<ref name="mastercard.com"/>
=== Later career ===
In 2020 Banga was elected chairman of the [[International Chamber of Commerce]] (ICC) succeeding [[Paul Polman]]. He previously served as ICC's First Vice-Chair since June 2018.<ref>{{Cite web|date=2020-06-23|title=ICC elects Mastercard CEO Ajay Banga as new Chair|url=https://iccwbo.org/media-wall/news-speeches/icc-elects-mastercard-ceo-ajay-banga-as-new-chair/|access-date=2021-03-05|website=ICC - International Chamber of Commerce}}</ref>  


Banga is a regular speaker at various [[Financial technology|FinTech]] conferences and various leadership conferences. He also appeared on the [[Mad Money]] show hosted by [[Jim Cramer]] on Thursday, 6 Nov 2014<ref>{{cite web|url=https://www.cnbc.com/id/102161792#.|title=Cramer, MasterCard CEO talk radical banking moves|first=Karma|last=Allen|date=6 November 2014}}</ref>
On January 1 2022, Banga assumed responsibilities at General Atlantic as vice chairman.<ref name=":1" />


Banga, was the keynote speaker at the [[NYU Stern]] 2014 Graduate Convocation on May 22, 2014, where he spoke about the importance of diversity in driving innovation and leadership.<ref>{{cite web|url=http://www.stern.nyu.edu/experience-stern/news-events/banga-keynote-convocation-14|title=Press Release - Ajay Banga, President & CEO of MasterCard, to Keynote 2014 Graduate Convocation - NYU Stern|website=www.stern.nyu.edu}}</ref> He also was a keynote speaker for his alma mater, the [[Indian Institute of Management Ahmedabad]], during the Class of 2015's convocation.<ref>{{cite web|url=https://qz.com/377104/ajay-bangas-six-lessons-on-leadership-as-told-to-the-iim-a-class-of-2015/|title=MasterCard CEO Ajay Banga's six lessons on leadership—as told to the IIM-A class of 2015 — Quartz|website=qz.com}}</ref><ref name="peng_ALea">{{Cite web |title=A Leader Listens |author=Ajay Banga |work=Penguin Random House India |access-date=25 November 2020 |url= https://penguin.co.in/book/a-leader-listens/}}</ref>
== Career in the public sector ==
In February 2015, President [[Barack Obama]] appointed Banga to serve as a member of the President's Advisory Committee for Trade Policy and Negotiations.<ref>{{cite web|date=5 February 2015|title=President Obama Announces More Key Administration Posts|url=https://obamawhitehouse.archives.gov/the-press-office/2015/02/05/president-obama-announces-more-key-administration-posts|work=[[whitehouse.gov]]|via=[[NARA|National Archives]]}}</ref>


In 2020 he was elected chairman of the [[International Chamber of Commerce]] succeeding [[Paul Polman]]. He previously served as ICC’s First Vice-Chair since June 2018.<ref>{{Cite web|date=2020-06-23|title=ICC elects Mastercard CEO Ajay Banga as new Chair|url=https://iccwbo.org/media-wall/news-speeches/icc-elects-mastercard-ceo-ajay-banga-as-new-chair/|access-date=2021-03-05|website=ICC - International Chamber of Commerce}}</ref>
Since the [[2020 United States presidential election|2020 elections]], Banga has been an outside adviser to Vice President [[Kamala Harris]] as Chairman of the [[Partnership for Central America]] where he has led a group of business leaders who have advised her on the administration’s work in El Salvador, Guatemala and Honduras.<ref>Andrew Duehren and Andrew Restuccia (23 February  2023), [https://www.wsj.com/articles/biden-to-nominate-former-mastercard-executive-ajay-banga-to-lead-world-bank-ad1670ec Biden to Nominate Former Mastercard Executive Ajay Banga to Lead World Bank] ''[[Wall Street Journal]]''.</ref>


==See also==
On February 23, 2023, Banga was nominated by [[President of the United States]] [[Joe Biden]] to lead the [[World Bank]].
* [[Indians in the New York City metropolitan region]]


==References==
== Other activities ==
=== Corporate boards ===
* [[Exor (company)|Exor]], Member of the Board of Directors (since 2021)<ref>[https://www.exor.com/press-releases/2022-05-24/exor-appoints-ajay-banga-chairman Exor appoints Ajay Banga as Chairman] [[Exor (company)|Exor]], press release of 24 May 2022.</ref><ref name="auto2"/>
* [[Temasek Holdings]], Member of the Board of Directors (since 2021)<ref>[https://www.temasek.com.sg/en/news-and-resources/news-room/news/2021/ajay-banga-jenny-lee-join-temasek-board Ajay Banga and Jenny Lee to join Temasek Board] [[Temasek Holdings]], press release of 30 September 2021.</ref><ref name="auto2"/>
* BeyondNetZero, Member of the Advisory Board (since 2021)<ref>[https://beyond-net-zero.com/team/ Advisory Board] BeyondNetZero.</ref><ref>{{cite news|last1=Karsh|first1=Melissa|date=July 16, 2021|title=General Atlantic Targets $4 Billion for New Climate Strategy|publisher=Bloomberg Law|url=https://news.bloomberglaw.com/private-equity/general-atlantic-starts-new-strategy-to-pursue-climate-deals}}</ref>
* [[Dow Chemical Company]], Member of the Board of Directors (2013–2021)<ref>[https://investors.dow.com/en/news/news-details/2021/Dow-Board-of-Directors-nominates-Debra-L.-Dial-and-Luis-A.-Moreno-to-the-Board/default.aspx Dow Board of Directors nominates Debra L. Dial and Luis A. Moreno to the Board] [[Dow Chemical Company]], press of 11 February 2020.</ref>
=== Non-profit organizations ===
* [[Partnership for Central America]] (PCA), Chair (since 2022)<ref name="auto3"/>
* [[International Chamber of Commerce]] (ICC), Chair (since 2020)<ref>[https://iccwbo.org/media-wall/news-speeches/icc-elects-mastercard-ceo-ajay-banga-as-new-chair/ ICC elects Mastercard CEO Ajay Banga as new Chair] [[International Chamber of Commerce]] (ICC), press release of 23 June 2020.</ref>
* [[American Red Cross]] (ARC), Member of the Board of Governors (since 2014)
* [[Economic Club of New York]], Vice Chair of the Board<ref>[https://www.econclubny.org/board-directors Trustees & Officers] [[Economic Club of New York]].</ref>
* [[Peterson Institute for International Economics]], Member of the Board of Directors<ref>[https://www.piie.com/about/board-directors Board of Directors] [[Peterson Institute for International Economics]].</ref>
* [[Trilateral Commission]], Member
* [[American India Foundation]], Co-Chair of the Board of Directors (2016–2019)<ref>[https://aif.org/aif-announces-appointment-of-mastercard-ceo-ajay-banga-as-co-chair/ AIF Announces Appointment of MasterCard CEO Ajay Banga as Co-Chair] [[American India Foundation]], press release of 26 January 2016.</ref>
* [[New York Hall of Science]], Vice Chair of the Board of Trustee
* [[National Urban League]], Member of the Board
 
== Recognition ==
Banga was the keynote speaker at the [[NYU Stern]] 2014 Graduate Convocation on May 22, 2014, where he spoke about the importance of diversity in driving innovation and leadership.<ref>{{cite web|title=Press Release - Ajay Banga, President & CEO of MasterCard, to Keynote 2014 Graduate Convocation - NYU Stern|url=http://www.stern.nyu.edu/experience-stern/news-events/banga-keynote-convocation-14|website=www.stern.nyu.edu}}</ref> He also was a keynote speaker for his alma mater, the [[Indian Institute of Management Ahmedabad]], during the Class of 2015's convocation.<ref>{{cite web|title=MasterCard CEO Ajay Banga's six lessons on leadership—as told to the IIM-A class of 2015 — Quartz|url=https://qz.com/377104/ajay-bangas-six-lessons-on-leadership-as-told-to-the-iim-a-class-of-2015/|website=qz.com|date=8 April 2015 }}</ref><ref name="peng_ALea">{{Cite web|author=Ajay Banga|title=A Leader Listens|url=https://penguin.co.in/book/a-leader-listens/|access-date=25 November 2020|work=Penguin Random House India}}</ref> Banga is a regular speaker at various [[Financial technology|FinTech]] conferences and various leadership conferences. He also appeared on the [[Mad Money]] show hosted by [[Jim Cramer]] on Thursday, 6 Nov 2014<ref>{{cite web|last=Allen|first=Karma|date=6 November 2014|title=Cramer, MasterCard CEO talk radical banking moves|website=[[CNBC]]|url=https://www.cnbc.com/id/102161792#.}}</ref>
 
The [[Government of India]] awarded Banga the civilian honour of the [[Padma Shri]] in 2016.<ref>{{Cite web |title=Padma Awards 2016 |url=https://pib.gov.in/newsite/PrintRelease.aspx?relid=135783}}</ref>
 
== See also ==
* [[Indians in the New York City metropolitan area]]
 
== References ==
{{reflist}}
{{reflist}}


==External links==
== External links ==
* {{C-SPAN|ajaypalbanga}}
* {{C-SPAN|76634}}
* [https://penguin.co.in/book_author/ajay-banga/ Ajay Banga] at [[Penguin India]]
* [https://penguin.co.in/book_author/ajay-banga/ Ajay Banga] at [[Penguin India]]


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[[Category:1960 births]]
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Latest revision as of 19:45, 6 March 2023

Ajay Banga
Personal details
Born
Ajaypal Singh Banga

(1959-11-10) November 10, 1959 (age 66)
Pune, India
RelativesM. S. Banga (brother)
EducationSt. Stephen's College, Delhi (BA)
Indian Institute of Management, Ahmedabad (MBA)

Ajaypal Singh Banga (born November 10, 1959[1]) is an Indian-born American business executive.[2] On February 23, 2023, he was nominated by President of the United States Joe Biden to lead the World Bank. He is currently vice chairman at General Atlantic.[3] He was executive chairman of Mastercard, after having previously served as president and chief executive officer (CEO) of the company from July 2010 until December 31, 2020.[4][5] He retired from this position on December 31, 2021, to join General Atlantic.[6] His pay package in 2020 was $27.77 million.[7] He is also the chairman of Netherlands-based investment holding company Exor and chairman of the public-private Partnership for Central America with U.S. Vice President Kamala Harris.[8] [9]

Banga is the former chairman of the U.S.-India Business Council (USIBC) representing more than 300 of the largest international companies investing in India, and chairman of the International Chamber of Commerce.[10] He is also a member of the board of directors of the Dow Chemical Company; member of the Council on Foreign Relations; and member of International Business Council of the World Economic Forum.[11]

Banga has been nominated by President Joe Biden as President of the World Bank Group, a role which has traditionally been from the United States.[12][13]

Early life and education[edit | edit source]

Ajay Banga was born on November 10, 1959, in Khadki cantonment of Pune, Bombay State, India (now in Maharashtra), into a Sikh family, where his father, an army officer, was posted.[14][15] His family is originally from Jalandhar, Punjab. His father, Harbhajan Singh Banga, is a retired lieutenant-general who served in the Indian Army.[16] He is the younger brother of businessman M. S. Banga.[17]

Banga was educated at St. Edward's School, Shimla,[18] and at the Hyderabad Public School in Hyderabad. He went on to graduate with a Bachelor of Arts (Honours) degree in Economics from the St. Stephen's College, Delhi followed by PGP in Management (equivalent to MBA) from the Indian Institute of Management, Ahmedabad.[5][19][20]

Banga was naturalized a US citizen in 2007.[21]

Business career[edit | edit source]

Early beginnings[edit | edit source]

Beginning his business career as a management trainee with Nestlé in 1981,[22] Banga spent the next 13 years working in jobs spanning sales, marketing, and general management. He later joined PepsiCo and was involved in the launch of its international fast food franchises, including Pizza Hut and KFC,[16] in India as the economy liberalized.[23]

Banga with Prime Minister Narendra Modi

Citigroup, 1996–2009[edit | edit source]

In 1996, Banga joined Citigroup, where he briefly served as a debt collector as part of his training.[22] He headed up CitiFinancial and the US Consumer Assets Division from 2000 to 2002[24] From 2005 to 2008 he was chief executive of Citi’s International Global Consumer Group, which included all credit card and consumer banking operations outside of North America.[24] During that time, he spearheaded Citi's strategy in the microfinance sector across the world.[5]

In 2008, Banga became chief executive of the bank's Asia-Pacific business, and splitting time between New York and Hong Kong.[25] In this capacity, he led a major reorganization of Citigroup’s Asian operations in 2008 that gave regional heads increased authority across the bank’s product lines.[26] Banga received about $10 million in compensation in 2008 from Citigroup, making him one of the firm’s highest paid executives that year.[26]

Mastercard, 2010–2021[edit | edit source]

Mastercard announced in April 2010 that Banga, previously its chief operating officer (COO), would become president and chief executive officer, effective July 1, 2010, and a member of the board of directors.[19] Banga succeeded Robert W. Selander, who had been CEO since March 1997.[5] In his first year, he received $13.5 million in compensation.[22]

During his tenure, Banga tripled revenues, increased net income sixfold and grew market capitalization from under $30 billon to more than $300 billion.[16] In 2020, he announced the creation of the Priceless Planet Coalition,[27] a group of about 100 firms that make corporate investments to preserve the environment, and launched Mastercard’s pledge to plant 100 million trees.[16]

Later career[edit | edit source]

In 2020 Banga was elected chairman of the International Chamber of Commerce (ICC) succeeding Paul Polman. He previously served as ICC's First Vice-Chair since June 2018.[28]

On January 1 2022, Banga assumed responsibilities at General Atlantic as vice chairman.[3]

Career in the public sector[edit | edit source]

In February 2015, President Barack Obama appointed Banga to serve as a member of the President's Advisory Committee for Trade Policy and Negotiations.[29]

Since the 2020 elections, Banga has been an outside adviser to Vice President Kamala Harris as Chairman of the Partnership for Central America where he has led a group of business leaders who have advised her on the administration’s work in El Salvador, Guatemala and Honduras.[30]

On February 23, 2023, Banga was nominated by President of the United States Joe Biden to lead the World Bank.

Other activities[edit | edit source]

Corporate boards[edit | edit source]

Non-profit organizations[edit | edit source]

Recognition[edit | edit source]

Banga was the keynote speaker at the NYU Stern 2014 Graduate Convocation on May 22, 2014, where he spoke about the importance of diversity in driving innovation and leadership.[40] He also was a keynote speaker for his alma mater, the Indian Institute of Management Ahmedabad, during the Class of 2015's convocation.[41][42] Banga is a regular speaker at various FinTech conferences and various leadership conferences. He also appeared on the Mad Money show hosted by Jim Cramer on Thursday, 6 Nov 2014[43]

The Government of India awarded Banga the civilian honour of the Padma Shri in 2016.[44]

See also[edit | edit source]

References[edit | edit source]

  1. ↑ "Ajay Banga". Mastercard Incorporated. Retrieved February 11, 2021.
  2. ↑ "MasterCard CEO discusses diversity, technology, unpredictable world and personal incidents".
  3. ↑ 3.0 3.1 "Ajay Banga Joins General Atlantic as Vice Chairman". www.businesswire.com. 2021-12-01. Retrieved 2022-08-05.
  4. ↑ Reshmanth (April 6, 2015). "These CEOs of Indian Origin will make you feel proud". South Report. Retrieved May 22, 2017.
  5. ↑ 5.0 5.1 5.2 5.3 "About Mastercard - Smart & Secure Payment Solutions". www.mastercard.com.
  6. ↑ "Longtime Mastercard executive Banga to retire at year's end". Banking Dive. Retrieved 2021-10-14.
  7. ↑ "Ajay Banga Salary Information 2020". ERI Economic Research Institute. Archived from the original on 2000-03-02. Retrieved 2022-01-12.
  8. ↑ 8.0 8.1 "Partnership for Central America - Ajay Banga". Partnership for Central America. Retrieved 2023-02-23.{{cite web}}: CS1 maint: url-status (link)
  9. ↑ "President Biden Announces U.S. Nomination of Ajay Banga to Lead World Bank". The White House. 23 February 2023. Retrieved 2023-02-23.{{cite web}}: CS1 maint: url-status (link)
  10. ↑ "ICC elects Mastercard CEO Ajay Banga as new Chair". International Chamber of Commerce. 23 June 2020.
  11. ↑ "Ajaypal Singh Banga appointed as member of US advisory Committee for trade policy and Negotiations". Archived from the original on 2015-02-16. Retrieved 2015-02-16.
  12. ↑ Rappeport, Alan; Davenport, Coral (February 23, 2023). "U.S. Nominates Ajay Banga to Lead World Bank". The New York Times – via NYTimes.com.
  13. ↑ House, The White (February 23, 2023). "President Biden Announces U.S. Nomination of Ajay Banga to Lead World Bank". The White House.
  14. ↑ "Ajay Banga, CEO of Master Card International - यदुवंशी सैनी राजपूतों का इतिहास". www.sainionline.com.
  15. ↑ Parker, Garrett (2019-03-01). "10 Things You Didn't Know about Mastercard CEO Ajaypal Singh Banga". Money Inc. Retrieved 2020-12-21.
  16. ↑ 16.0 16.1 16.2 16.3 16.4 16.5 Aime Williams, Camilla Hodgson and Anjli Raval (25 February 2023), Ajay Banga, World Bank nominee must swap finance for climate Financial Times.
  17. ↑ Karmali, Naazneen. "India's Banga Brothers". Forbes. Retrieved 2020-04-09.
  18. ↑ "World Bank prez nominee studied at St Edward's : The Tribune India". Retrieved 5 March 2023.
  19. ↑ 19.0 19.1 "Bloomberg - Executive Profile". www.bloomberg.com. Retrieved 2019-06-16.
  20. ↑ "MasterCard Names Ajay Banga President and Chief Executive Officer Succeeding Robert W. Selander". Retrieved 2022-02-15.
  21. ↑ Biden nominates ex-Mastercard CEO Ajay Banga to lead World Bank Devex
  22. ↑ 22.0 22.1 22.2 Suzanne Kapner (13 September 2010), Master who plays his cards right Financial Times.
  23. ↑ "Ajaypal Banga". Forbes. Retrieved 2020-04-09.
  24. ↑ 24.0 24.1 Greg Farrell (20 June 2009), Banga leaves Citi for MasterCard Financial Times.
  25. ↑ Andrew Martin and Eric Dash (12 April 2010), Naming a New Chief, MasterCard Signals It Is Open to Changes New York Times.
  26. ↑ 26.0 26.1 Maria Aspan (12 April 2010), MasterCard names ex-Citi exec Banga as CEO Reuters.
  27. ↑ Alan Rappeport and Coral Davenport (23 February 2023), U.S. Nominates Ajay Banga to Lead World Bank New York Times.
  28. ↑ "ICC elects Mastercard CEO Ajay Banga as new Chair". ICC - International Chamber of Commerce. 2020-06-23. Retrieved 2021-03-05.
  29. ↑ "President Obama Announces More Key Administration Posts". whitehouse.gov. 5 February 2015 – via National Archives.
  30. ↑ Andrew Duehren and Andrew Restuccia (23 February 2023), Biden to Nominate Former Mastercard Executive Ajay Banga to Lead World Bank Wall Street Journal.
  31. ↑ Exor appoints Ajay Banga as Chairman Exor, press release of 24 May 2022.
  32. ↑ Ajay Banga and Jenny Lee to join Temasek Board Temasek Holdings, press release of 30 September 2021.
  33. ↑ Advisory Board BeyondNetZero.
  34. ↑ Karsh, Melissa (July 16, 2021). "General Atlantic Targets $4 Billion for New Climate Strategy". Bloomberg Law.
  35. ↑ Dow Board of Directors nominates Debra L. Dial and Luis A. Moreno to the Board Dow Chemical Company, press of 11 February 2020.
  36. ↑ ICC elects Mastercard CEO Ajay Banga as new Chair International Chamber of Commerce (ICC), press release of 23 June 2020.
  37. ↑ Trustees & Officers Economic Club of New York.
  38. ↑ Board of Directors Peterson Institute for International Economics.
  39. ↑ AIF Announces Appointment of MasterCard CEO Ajay Banga as Co-Chair American India Foundation, press release of 26 January 2016.
  40. ↑ "Press Release - Ajay Banga, President & CEO of MasterCard, to Keynote 2014 Graduate Convocation - NYU Stern". www.stern.nyu.edu.
  41. ↑ "MasterCard CEO Ajay Banga's six lessons on leadership—as told to the IIM-A class of 2015 — Quartz". qz.com. 8 April 2015.
  42. ↑ Ajay Banga. "A Leader Listens". Penguin Random House India. Retrieved 25 November 2020.
  43. ↑ Allen, Karma (6 November 2014). "Cramer, MasterCard CEO talk radical banking moves". CNBC.
  44. ↑ "Padma Awards 2016".

External links[edit | edit source]

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