President Joe Biden’s pick to lead the World Bank has business links with China.
Ajay Banga is currently the vice chairman at General Atlantic, a major investor of ByteDance. ByteDance is the Chinese company that owns TikTok, an app that has drawn heightened security concerns over its ties with the Chinese Communist Party.
During Banga’s tenure as CEO and president of Mastercard, the credit card company won approval in 2020 to join China’s $27 trillion payments market.
Additionally, Banga is a board member of Temasek, a state holding company of Singapore that has 22 percent of its investments in China.
The Treasury Department has defended Banga’s nomination, which requires the approval of the World Bank’s executive board. The position is a five-year term that is renewable. If confirmed, Banga would succeed David Malpass….