Joe Biden nominates former Mastercard boss Ajay Banga to lead World Bank

US president puts forward choice to oversee new focus on climate crisis after resignation of Trump appointee David Malpass

Joe Biden has nominated a former boss of Mastercard with decades of experience on Wall Street to lead the World Bank and oversee a shake-up at the development organisation to shift its focus to the climate crisis.

The US president's choice of Ajay Banga, an American citizen born in India, comes a week after David Malpass, a Donald Trump appointee, quit the role.

The World Bank's governing body is expected to make a decision in May, but the US is the Washington-based organisation's largest shareholder and has traditionally been allowed to nominate without challenge its preferred candidate for the post.