Mumbai (Maharashtra) [India] August 12 : Bank of America Corporation and Jio Financial Services Limited on Wednesday announced a definitive agreement under which the US-based financial services major will acquire up to a 49.9 per cent stake in Jio Credit Limited, the wholly owned NBFC lending subsidiary of Jio Financial Services.
The investment, comprising equity shares and warrants, is valued at Rs 18,268 crore, or approximately USD 1.9 billion, according to the companies. The transaction will be carried out through a preferential allotment of equity shares and warrants.
Jio Credit had assets under management of Rs 30,667 crore, or around USD 3.2 billion, as of June 30, 2026, having built its lending business within two years of operations. The proposed joint venture is aimed at combining Jio Financial Services' digital reach and understanding of the Indian market with Bank of America's global financial services expertise.
The companies said the partnership will provide Jio Credit with additional capital to support sustainable loan growth, besides access to Bank of America's expertise in financial services, governance, risk management and technology. The board of Jio Credit will have equal representation from Jio Financial Services and Bank of America, while the existing management team will continue to oversee the company's strategy and operations.
Commenting on the partnership, Jio Financial Services Chairman Mukesh D. Ambani said, "Our strategic partnership with Bank of America is a pivotal milestone in this mission." He said the collaboration would combine Jio's digital reach with Bank of America's global expertise to expand access to responsible credit.
Bank of America Chairman and CEO Brian Moynihan said, "India is one of the world's most important growth markets, and this investment reflects our confidence in its future, a market we know well and have supported for decades." He added that the partnership could help expand access to financial services and support India's economic growth.
The transaction remains subject to applicable regulatory and statutory approvals. The companies said the venture is intended to capitalise on growth opportunities in India's expanding financial services sector.