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.

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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 firm General Atlantic, on all of its "ambitions and efforts aimed at tackling the toughest development challenges facing developing countries."

The selection came as the development bank has been under pressure to do more to combat climate change and help poor countries.

Malpass, appointed by former U.S. President Donald Trump, last year faced criticism for declining to say at a conference whether he accepted the scientific consensus on global warming.

Banga was widely expected to secure the top post as successive presidents of the organization have been from the United States, the largest contributor.

==Kyodo

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