Mukesh Ambani first non-American on Bank of America board
17 Mar 2011
New York: Bank of America Corp said Mukesh Ambani, chairman of India's most valued company, Reliance Industries Ltd, was appointed as director, and will stand for election at the bank's board of directors at its annual meeting next month.
The Bank of America Corporation is the largest US lender by assets.
The bank declined to comment whether the 13-member board would be expanded, or if a current member would not stand for re-election.
Mukesh D Ambani, 53, has run India's Reliance Industries since 2002 and will now become the first non-US citizen to join the board of America's largest bank.
Reliance Industries, an energy and materials company, is the largest private business in India, and reports more than $44.6 billion in annual revenues and $70 billion in market capitalization.
"Bank of America's shareholders will benefit from the global perspective Mr Ambani brings to our board," the bank's chairman, Charles O Holliday, Jr, said in a statement.