Ex-Mastercard CEO Banga selected as next chief of World Bank

Former Mastercard Inc. CEO Ajay Banga was formally selected Wednesday as the next chief of the World Bank, the multilateral lender said.

The bank said its board endorsed Banga, the only nominee for the top position, to begin a five-year term on June 2.

Banga, a U.S. national who was born in India, will succeed David Malpass, who said in mid-February he would leave the post by the end of June, less than a year before his term ends.

The Washington-headquartered institution said in a statement that it looks forward to working with Banga, who most recently served as vice chairman of private equity...