Mukesh Ambani, chairman of India’s largest private sector conglomerate Reliance Industries Limited (RIL) has been appointed as the 14th director of Bank of America, the largest bank holding company (by assets) in the U.S. and second largest by market capitalization. The 53 year old industrialist will be the first non-U.S. citizen to join the ranks of board of directors and the youngest independent board member at the bank; second only to 51 year old Chief Executive Brian Moynihan.
In an effort to branch out into a more globally-focused establishment and expand operations overseas, Bank of America decided to rope in one of Asia’s most commanding tour de force in the industrial fore front- Mukesh Ambani. In a statement released to public, Bank of America’s chairman Charles O. Holliday, Jr. said, "Bank of America’s shareholders will benefit from the global perspective Mr. Ambani brings to our board.”
According to U.S. Securities and Exchange Commission filing, Ambani will serve on the BofA’s credit committee, and the compensation and benefits committee. So far, only one board member has sat on both those committees in 2010; namely William Boardman, 69, former head of international operations of Visa Inc. Mukesh Ambani will most likely stand for election at the 2011 Bank of America annual meeting of shareholders in the month of May, although a proxy statement, which would include which board members are up for election, is expected to be released later this month.
"It is a privilege and a great honor for me, as the first non-American citizen to join the board of one of the world’s largest financial institutions," Mukesh Ambani quoted on his latest undertaking. Having spear-headed a company which boasts of more than $ 44.6 billion in annual revenues and $ 70 billion in market capitalization, Reliance Industries chairman Mukesh Ambani is expected to provide better insight into the Asia-Pacific market sensibilities and functionalities so as to drive BofA’s operations more readily in the overseas souk.