David Malpass Current Affairs - 2019

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SBI Managing Director Anshula Kant appointed World Bank’s MD and CFO

Anshula Kant, Managing Director of State Bank of India (SBI) has been appointed as Managing Director and Chief Financial Officer (CFO) of World Bank. She will be the 1st woman CFO of World Bank. Her appointment was announced by David Malpass, World Bank’s President.

Key Highlights

Since September 2018 she has been a Managing Director and member of the World Bank Board.

Role as CFO: While functioning her role as MD and CFO, Anshula Kant will be responsible for financial and risk management of World Bank Group and will report WB’s President.

Duties: Among other key management duties, her work will include risk management and oversight of financial reporting. She will also work closely with World Bank CEO on mobilization of International Development Association (IDA) and other financial resources. IDA is a member of World Bank Group. It is an international financial institution that offers concessional loans and grants to world’s poorest developing countries.

About Anshula Kant

She is a graduate in Economic Honours from Lady Shri Ram (LSR) College for Women, New Delhi and Post-Graduate in Economics from Delhi School of Economics.

Role in SBI:

She has held position of Chief Financial Officer of SBI. As SBI’s CFO she managed $38 billion of revenues and total assets of $500 billion.World Bank

She has more than 35 years of expertise in finance and banking sector. Stewarding SBI she greatly improved capital base and focused on long-term sustainability of organisation within her mandate.

She has held direct responsibility for SBI’s Risk, Compliance and Stressed Asset Portfolio and led creation of several investment opportunities while empowering risk management via bank.

David Malpass appointed as President of World Bank

David Malpass who held a senior role at the US Treasury and was the undersecretary for international affairs has been appointed as the President of World Bank. He was nominated by the US president Donald Trump. David Malpass had also held senior roles in the US Treasury during the Reagan and George HW Bush administrations.

David Malpass has also served as chief economist at Bear Stearns bank. Later he founded research group Encima Global and held a number of directorships at finance firms.

Appointment of the President of World Bank

As per the guidelines of the World Bank, the World Bank president must have:

  • A proven track record of leadership.
  • Experience managing large organizations with international exposure, and a familiarity with the public sector.
  • Ability to articulate a clear vision of the Bank’s development mission.
  • A firm commitment to and appreciation for multilateral cooperation.
  • Effective and diplomatic communication skills, impartiality, and objectivity.

Executive directors of the World Bank can nominate candidates for the post and the candidate must be citizens of one of the bank’s member countries and cannot be a bank governor, executive director or alternate.

If there are more than three candidates, there would be a shortlisting process to narrow the field through an informal straw poll. Then the shortlisted candidates will be interviewed by the board. The board will then make a final selection through a majority vote.

To win the presidency of the World Bank, a candidate must win approval from the institution’s executive board, which has 25 members. The US holds a 16% share of board voting power hence more often it is the US-backed candidate gets elected for the post of the president.