Ex-Mastercard CEO Ajay Banga confirmed as World Bank president

Washington — Former Mastercard CEO Ajay Banga was confirmed Wednesday to serve as the 14th president of the World Bank and is set to begin his five-year term at the institution's helm next month.

Banga was nominated to the role by President Joe Biden in February and will succeed David Malpass as president of the World Bank. Malpass was tapped for the role by former President Donald Trump and announced earlier this year he planned to step down roughly one year early. 

Mr. Biden extended congratulations to Banga for his "resounding approval" by the World Bank's board of governors and predicted he would be a "transformative leader."