Biden nominates former MasterCard CEO Ajay Banga to head World Bank

FILE PHOTO: Mastercard President and CEO Ajay Banga speaks to attendees during the Department of Homeland Security's Cybersecurity Summit in Manhattan, New York, U.S., July 31, 2018. REUTERS/Eduardo Munoz/File Photo

WASHINGTON (Reuters) -U.S. President Joe Biden on Thursday nominated business executive Ajay Banga to become president of the World Bank, lauding his experience forging public-private partnerships to address financial inclusion and climate change.

The World Bank on Wednesday said it expects to select a new president by early May to replace David Malpass, who announced his resignation last week after months of controversy over his views on climate change and pressure by Treasury Secretary Janet Yellen for him to adopt "bolder and more imaginative" reforms.