By Cynthia Ezekwe

Ajay Banga, an Indian-American business leader, has emerged as the only nominee for the position of the next World Bank president.

The World Bank Group’s board of executive directors disclosed this in a statement  noting that Banga, the US national, has been considered for the position, following the end of submission for nomination of the next World Bank president.

“In accordance with established procedures, the Board of Executive Directors will conduct a formal interview with the candidate in Washington D.C., and expect to conclude the presidential selection in due course,” the board said.

Meanwhile, Joe Biden, the  US president had earlier nominated Banga to lead the World Bank saying that he is well equipped to lead the global institution at this period of uncertainty.

Banga is expected to replace David Malpass, the current World Bank president, who will step down in June.

Prior to his nomination, Banga spent 11 years as Mastercard’s president and chief executive officer before becoming the company’s executive chairman.  He is currently the  vice chairman at General Atlantic, and a  global leader in technology, data, financial services and innovating for inclusion.

Over the course of his career, he has served as an advisor to governments, companies and organisations of all kinds, advocating for partnership and systems that deliver on profit and purpose.

He  was born in India and is a naturalised US citizen, to  become the first-ever Indian-American to head the  World Bank.