US President Joe Biden nominated former Mastercard Inc (MA.N) CEO Ajay Banga to lead the World Bank, betting the India-born executive’s ties to the private sector and emerging markets will jump-start the 77-year-old institution’s overhaul to better address climate change. Biden’s nomination on Thursday of Banga, 63, now a US citizen, all but assures he will assume a job that oversees billions of dollars of funding, as it races to help developing countries address climate change.
