Mukesh Ambani named a director of Bank of America Corporation

Mukesh Ambani will stand for election at the 2011 Bank of America annual meeting of shareholders

The Bank of America Corporation board of directors have appointed Mukesh Ambani, chairman and managing director of India-based Reliance Industries Ltd, as a director. Mr Ambani will stand for election at the 2011 Bank of America annual meeting of shareholders.

"Bank of America's shareholders will benefit from the global perspective Mr Ambani brings to our board," said Charles O Holliday, Jr, Bank of America chairman. "He has demonstrated expertise in risk management and strategic planning across a diverse range of businesses, including energy, information and communications technology, and retail networks."

"I am delighted to join the board of Bank of America," said Mr Ambani. "It is a privilege and a great honour for me, as the first non-American citizen to join the board of one of the world's largest financial institutions. I look forward to contributing to the growth and progress of Bank of America."

Mr Ambani, 53, has headed Reliance Industries, India's largest private business enterprise with $44.6 billion in annual revenues and over $70 billion in market capitalization, since 2002.

"Mr Ambani has a reputation for strategic vision and operational excellence," said Brian T Moynihan, Bank of America chief executive officer. "The management team looks forward to benefiting from his judgment and experience."

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