Reliance Industries Chairman Mukesh Ambani has been appointed as a director on board of Bank of America (BofA) - the first non-American on the board of the one of the largest financial institutions in the world.
"BofA's shareholders will benefit from the global perspective Ambani brings to our board. 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," BofA Chairman Charles O Holliday Jr said in a statement.
Ambani is a member of the Indian Prime Minister's Council on Trade and Industry. Among others, he is a member of the Indo-US CEOs Forum, the co-chair of the Japan-India Business Leader's Forum, and India-Russia CEO Council.
The business tycoon also serves on the Foundation Board of the World Economic Forum.
"I am delighted to join the board of BofA. 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 BofA," the BofA statement quoated Ambani as saying.
BofA Chief Executive Officer Brian T Moynihan said the management team looks forward to benefiting from Ambani's judgement and experience.
Ambani would stand for election at annual meeting of shareholders of BofA.