The incoming president of the World Bank was born in India and forged his early business success there, a fact supporters say gives Ajay Banga valuable insight into the challenges faced by the developing countries the bank is supposed to help. But not everyone is sure that Banga, who has spent most of the last two decades in the U.S. corporate world, can be counted on to shake up the bank in the way some think it should be.
U.S. Treasury Secretary Janet Yellen talked up Banga’s credentials this week on the sidelines of the World Bank and International Monetary Fund’s spring meetings in Washington. Banga, currently vice chairman at private equity firm General Atlantic, has more than 30 years of business experience, including as CEO of Mastercard and on the boards of the American Red Cross, Kraft Foods and Dow Inc.
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