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Reuters
Reuters
Business
By Andrea Shalal, Valerie Volcovici and David Lawder

Biden nominates former Mastercard CEO Ajay Banga to head World Bank

Ajay Banga World Bank Mastercard Joe Biden United States Climate Change India
FILE PHOTO: Ajay Banga, CEO of MasterCard, speaks during the Women In The World Summit in the Manhattan borough of New York April 8, 2016. REUTERS/Lucas Jackson/File Photo

U.S. President Joe Biden nominated former Mastercard Inc CEO Ajay Banga to lead the World Bank, betting the India-born executive's ties to the private sector and emerging markets will jump-start the 77-year-old institution's overhaul to better address climate change.

Biden's nomination on Thursday of Banga, 63, now a U.S. citizen, all but assures he will assume a job that oversees billions of dollars of funding, as it races to help developing countries address climate change.

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