Ajay Banga is an Indian-born American business executive who has held many senior positions in various multinational companies. He made headlines on February 24, 2023, when US President Joe Biden nominated him as a candidate for President of the World Bank (WB).
Wiki/Biography
Ajaypal Singh Banga was born on Tuesday, November 10, 1959 in Khadki Cantonment, Pune, Maharashtra, India (age 63; as of 2022). His zodiac sign is Scorpio. After completing his studies from St. Edward’s School, Shimla and Hyderabad Public School, Hyderabad, he moved to Delhi in 1976 and received his Bachelor of Arts and Bachelor of Economics with Honors from St. Stephen’s College, Delhi University. Later, he studied at the Indian Institute of Management, Ahmedabad (IIMA), where he received his MBA. He was the top student in his class at IIM.
appearance
Height (approximately): 5′10″
Hair Color: Salt and Pepper
Eye color: light brown
family
Parents and siblings
His father Harbhajan Singh Banga is a retired Lieutenant General of the Indian Army. He died on December 22, 2011.
Photos of Ajay Banga’s father
His mother’s name is Jaswant Banga. His brother Manvinder Singh Banga, also known as Vindi, is a business executive. He has a sister named Deepa.
Ajay Banga’s younger brother Manvinder Singh Banga
wife and children
His wife, Ritu Banga, is the co-founder of consulting firm Zoomdojo.
Ajay Banga takes a photo with his wife Ritu Banga
His daughter Aditi Banga is the head of creator monetization and innovation partnerships at Instagram and is a Harvard graduate. His daughter, Jojo Banga, is also a Harvard graduate.
Aditi Banga with her husband
Relationships/Affairs
Ajay Banga dated Ritu Banga briefly before getting married. They met while pursuing their MBA at the Indian Institute of Management (IIM), Ahmedabad.
Ajay Banga and Ritu Banga
religion
Ajay Banga believes in Sikhism.
caste
Ajay Banga was born into a Sikh family in Punjab and belongs to the Saini caste and belongs to the Other Backward Class (OBC) category.
address
He lives at 200 62nd Street, New York, NY 10021, United States of America.
Signature/Autograph
Ajay Banga’s signature
Profession
Ajay Banga started his career as a corporate executive in 1981 with Nestlé India in New Delhi. Over the next few years, he was promoted several times and worked in different marketing and general management departments. Later, he was posted to Calcutta where he worked as a branch manager. After thirteen years with Nestlé India, Ajay Banga left the company and joined PepsiCo in Delhi. He joined PepsiCo when India was in the process of economic liberalization. There, he served as Marketing Director for PepsiCo Restaurants India. He worked for PepsiCo for two years. In 1996, he joined Citigroup and was later appointed Chief Executive Officer (CEO) of Asia Pacific. Ajay Banga has held a number of key positions within Citigroup’s senior leadership and executive committees. Later, he moved to the United States. In August 2009, he joined MasterCard USA as president and chief operating officer (COO). On July 1, 2010, he was promoted and became Chief Executive Officer (CEO) of Mastercard. As CEO, he was recognized for developing a strategy that saved the jobs of more than 19,000 employees during the COVID-19 pandemic. He also developed policies that brought MasterCard’s services to more than 500 million non-bank customers around the world. He is partnered with Mastercard until 2021.
Ajay Banga pictured at a press conference during his tenure as CEO of Mastercard
In 2015, former U.S. President Obama appointed him as a member of the President’s Advisory Committee on Trade Policy and Negotiations. He has since served as a member of the Commission on Strengthening National Cybersecurity established by the U.S. government. In 2017, he co-founded the Cyber Readiness Institute. Later, he served as Chairman of the US-India Business Council (USIBC) representing more than 300 multinational companies.
Ajay Banga shakes hands with Indian Prime Minister Narendra Modi
In July 2021, Banga was appointed to the advisory board of BeyondNetZero, established by General Atlantic Investment Group. Ajay regularly attends conferences hosted by Fintech. Later, he was appointed Vice Chairman of the Board of Trustees of the New York Museum of Science. On January 1, 2022, he joined General Atlantic, an American private equity firm, as vice president. He also served as chairman of the Dutch company Exor. Later, the U.S. government appointed him Chairman of the Central American Partnership. There, he worked with Vice President Kamala Harris. On February 24, 2023, President Joe Biden recommended Ajay Banga to serve as President of the World Bank Group. Ajay has also served on the boards of Craft Foods, Dow Ink and the American Red Cross. Ajay became the first Indian-American to be recommended as president of the World Bank. Joe Biden said about this in an interview,
Ajayi is uniquely qualified to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful multinational companies, creating jobs and investment in developing economies and guiding organizations through periods of fundamental change. He has a proven track record of managing people and systems and working with global leaders around the world to deliver results. “
His nomination by the US government was supported by India.
Awards, honors
- Ajay Banga received the Foreign Policy Association Medal in 2012.
- In 2016, the Indian government awarded him the Padma Shri, India’s fourth highest civilian award.
Ajay Banga pictured receiving Padma Shri from President Pranab Mukherjee
- In 2019, he was awarded the title of Global Indian of the Year at the Economic Times Business Excellence Awards.
- The Singapore government awarded him the Distinguished Friends of Singapore Public Service Star in 2021.
- The Business Council for International Understanding awarded him a Leadership Award.
Ajay Banga wins Leadership Award
- The Ellis Island Honor Society (EIHS) awarded him the Ellis Island Medal of Honor.
income
Ajay Banga earns Rs 52 lakh per day as Chief Executive Officer (CEO) of Mastercard.
net worth
Some sources say his net worth is estimated to be around $143 million, while others say his net worth is around $1.2 billion. As of 2021, his net worth is $206 million (Rs. 1,700 crore), according to CNBC and WION.
Favorites
- Basketball team: New York Mets
- Singer: Lady Gaga, Elvis Presley
- Song: “Paparazzi” by Lady Gaga
Facts/Trivia
- Ajay Banga loves to play golf.
- Ajay Banga loves listening to devotional songs.
- In 2017, Ajay Banga was named the sixth most powerful business person of the year by Fortune magazine.
- In the same year, Ajay Banga ranked 40th on the Harvard Business Review’s list of the world’s best CEOs.
- Ajay Banga occasionally drinks alcoholic beverages.
- He is one of the high-profile people attending the 2023 G20 Summit in New Delhi. Banga participated in discussions surrounding India’s efforts to strengthen regional connectivity, boost regional prosperity and advance the broader development agenda. Additionally, he spoke about the challenges faced by countries in the South and provided valuable insights.
Ajay Banga with Prime Minister Narendra Modi at 2023 G20 Summit
Categories: Biography
Source: HIS Education