Washington: President Joe Biden on Thursday announced that the US is nominating Indian-American business leader Ajay Banga to lead the World Bank.

"Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement.

Banga, 63, currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation.

"He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change.

"He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results," Biden said.

Banga was awarded the Padma Shri in 2016. PTI