Key facts
- Bank of America will acquire up to 49.9% of Jio Credit, Jio Financial Services' non-banking lending arm.
- The total investment could reach approximately $1.9 billion (182.68 billion rupees).
- Bank of America will initially hold a 26.5% stake, with an option to increase it to 49.9%.
- The partnership aims to leverage Jio's digital reach and BofA's global financial services expertise.
- Jio Credit had Rs 30,667 crore in assets under management as of June 30, 2026.
Bank of America is set to acquire up to a 49.9% stake in Jio Credit, the non-banking financial company (NBFC) unit of Jio Financial Services, for as much as 182.68 billion rupees, approximately $1.9 billion. The deal, announced on Wednesday, will see the U.S. lender become a joint venture partner through a preferential allotment of equity shares and warrants.
Initially, Bank of America will hold a 26.5% stake, with the potential to increase to 49.9% upon the exercise of warrants. This investment is part of a broader trend of significant capital flowing into India's financial services sector.
The partnership aims to combine Jio Financial Services' extensive digital reach and understanding of the Indian market with Bank of America's global financial services expertise, technology capabilities, and experience in risk management and governance. Jio Credit, which began operations two years ago, had assets under management of Rs 30,667 crore as of June 30, 2026.
Jio Financial Services Chairman Mukesh Ambani stated that the tie-up would help advance the objective of making credit more accessible, transparent, and affordable for Indians. Bank of America Chairman and CEO Brian Moynihan highlighted the investment as a reflection of confidence in India's growth prospects, calling it one of the world's most important growth markets.
Under the joint venture agreement, the boards of Jio Credit will have equal representation from both companies, and the existing management team will continue to oversee operations. The transaction is subject to necessary regulatory and statutory approvals.