Washington, Mar 16 (PTI): India's business magnet Mukesh Ambani would step down as the board of director of the Bank of America and instead join its global advisory council, the bank announced Friday.

Ambani has decided not to seek another term on the company's board of directors at its 2013 annual meeting of stockholders, the Bank of America said in a statement.

He has served on the Bank of America board of directors since March 2011 and became a director prior to the establishment of the Global Advisory Council.

Chairman and managing director of Reliance Industries Ltd, Ambani will join 13 other internationally recognised business, academic and public policy leaders who serve on the Global Advisory Council.

The council, chaired by Bank of America Chief Executive Officer Brian Moynihan, is a non-fiduciary body that shares expertise and insights on the bank's global engagement.
"Our Global Advisory Council is an ideal venue for the company to continue to benefit from Mukesh's judgment and insights," Moynihan said.

"We are very grateful for Mukesh's contributions to the board and for the global expertise and perspective he provided," said Chad Holliday, chairman of the Bank of America board of directors.

One of the world's largest financial institutions, Bank of America serve approximately 53 million consumer and small business relationships.