In June 2023, Ajay Banga became the new president of the World Bank, the first-ever Indian American to lead the institution. Banga started his career in India, spending 13 years at Nestlé India and two at PepsiCo. In 1996, he joined Citigroup, eventually leading the Asia-Pacific region as CEO. Later moving to the U.S., Banga served as president and CEO of Mastercard for 12 years before being named executive chairman. Under his leadership, Mastercard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world.
With over 30 years of experience in key positions, Banga is expected to usher in transformative policies at the World Bank to combat poverty and address climate change, opening opportunities for people around the globe. In his opinion, “We need to find ways to embrace the value and talent immigrants have to offer — not the least of which is their diversity. Their diverse perspectives and experiences make us stronger.” During a fireside chat, he offered some reflections on how diversity helped him succeed as a leader: “At the end of the day, if you surround yourself with people who look like you, who walk like you and talk like you, and grew up in the same places you did and worked with you in your prior jobs, then you will have a sense of comfort of hiring people around you who have that familiarity. But you will also have the same blind spots. You will miss the same trends. You will miss the same opportunities.”
Prior to his appointment to the World Bank, Banga was vice chairman at General Atlantic. He is also cofounder of the Cyber Readiness Institute and served as vice chair of the Economic Club of New York. Among numerous honors, he was awarded the Foreign Policy Association Medal, the Padma Shri Award by the president of India, and the Ellis Island Medal of Honor.
