Biden Nominates Ex-Mastercard CEO Ajay Banga To Head World Bank

On Thursday, Vice President Joe Biden announced the United States' nomination of Ajay Banga to lead the World Bank

citing his belief that the Indian-American business leader is best suited to lead the global institution at "this critical moment in history."

Former Mastercard CEO and now vice chairman at General Electric.

he will take over for former Trump Treasury official and World Bank governor David Malpass. 

Malpass has stated that he will step down by July, which is several months before the end of his term.

Banga, 63, was born in Pune to an Indian Army officer. 

In 2007, he became a naturalised US citizen, and in 2016, he was honoured with the Padma Shri for his contributions to India.