US President Joe Biden has nominated former Mastercard executive Ajay Banga to be president of the World Bank, a week after incumbent David Malpass abruptly resigned.

Biden said Banga understands the challenges facing developing countries and has a track record of mobilizing private capital to “address the most pressing challenges of our time, including climate change.”

Banga became the front-runner for the World Bank job, hours after the institution’s board said it would “strongly encourage” female applicants. G20 finance ministers are expected to discuss the bank’s future at a meeting on Friday in Bengaluru.

Who is Ajay Banga?

Banga, now a vice president at General Atlantic, was chief executive of payments company Mastercard until the end of 2020.

He joined MasterCard as Chief Operating Officer in late August 2009. In April 2010, he was appointed President and CEO.

Prior to joining MasterCard, Banga served as Chief Executive Officer of Citigroup’s Asia Pacific region, responsible for all of the company’s business lines in the region, including institutional banking, alternative investments, wealth management, consumer banking and credit cards.

Banga joined Citigroup in 1996 and has held various positions, including Chairman and Chief Executive Officer of the International Global Consumer Group; President, Retail Banking, North America; Director of Consumer Banking in Central/Eastern Europe, Middle East, Africa and India.

Prior to Citigroup, Ajay Banga spent 13 years at Nestle, India, where he held sales, marketing and general management positions. He also spent two years at Pepsico, where he was instrumental in launching Pepsico’s international fast food franchises in India as the economy liberalized.

Banga also serves on the board of directors of Kraft Foods.