Ajay Banga, the former head of Mastercard, has been appointed as the head of the World Bank

US President Joe Biden plans to appoint former MasterCard boss Ajay Banga as head of the World Bank Group to replace David Malpass, who is stepping down at the end of June, the Wall Street Journal reported.

As the World Bank’s largest shareholder, the United States usually chooses the head of the Bretton Woods Institute, which does not require Senate confirmation, although the bank’s board formally chooses Mr. The paper suggests that it should be named Banga.

Mr. Banka has been building and managing successful global businesses for more than three decades that “create jobs and bring investment to developing economies and lead companies through times of fundamental change.”

On Wednesday, the World Bank’s board of directors said it would begin accepting candidates before reviewing a short list of candidates, with the aim of choosing a new president by early May to replace Mr Malpass, who was appointed under former President Donald Trump’s administration.

“It is a tremendous honor and privilege to serve as the leader of one of the world’s premier development companies,” Malpass said in a statement.

Asked about his early departure, Mr Malpass said in a text message: “I am very proud of my hard and successful work here for more than four years.”

“I’m leaving on my own schedule having effectively dealt with several global crises,” he said, according to a quote from The New York Times.