2 weeks ago
Bank of America to acquire 49.9% stake in Jio Credit
Jio Credit is a company in India that gives loans to people and businesses.
It belongs to a bigger Indian company called Jio Financial Services.
Bank of America is one of the biggest banks in the world, and it is based in America.
Bank of America wants to buy almost half of Jio Credit — up to 49.9% of it.
For that, it will pay about 18,268 crore rupees, which is a very, very large amount of money.
The two companies will work together as partners, and each side will get the same number of seats on the board that leads Jio Credit.
Jio Credit has grown very quickly and already manages more than 30,000 crore rupees in loans, even though it is only about two years old.
The companies say the deal will help more people in India borrow money more easily.
The deal still needs approval from regulators before it can be finalized.
Bank of America will invest up to ₹18,268 crore (~$1.9 billion) for up to a 49.9% stake in Jio Credit Limited, Jio Financial Services' wholly owned lending arm, via a preferential allotment of equity shares and warrants.
The deal gives Bank of America an initial 26.5% equity interest, which can rise to 49.9% if the warrants are exercised in full.
The transaction is subject to regulatory and statutory approvals, and Jio Credit will remain a consolidated subsidiary of Jio Financial Services.
Jio Credit, a digital-first NBFC, has built assets under management of ₹30,667 crore (~$3.2 billion) as of June 30, 2026, within two years of operations.
Mukesh Ambani and Bank of America CEO Brian Moynihan said the partnership will combine Jio's digital reach with BofA's global expertise to expand credit access in India.
- Who
- Bank of America Corporation and Jio Financial Services Limited, whose wholly owned NBFC lending subsidiary is Jio Credit Limited; the investment is made through BofA's wholly owned subsidiary NB Holdings Corporation.
- What
- Bank of America will acquire up to a 49.9% stake in Jio Credit as a joint venture partner through a preferential allotment of equity shares and warrants.
- Where
- India.
- When
- Announced on Wednesday, August 12, 2026.
- Why
- To expand access to credit in India by combining Jio Financial Services' digital reach and local expertise with Bank of America's global financial services expertise, technology, and risk management.
Key facts
- Investment amount
- Up to ₹18,268 crore (~$1.9 billion)
- Stake acquired
- Up to 49.9% (initial 26.5%, rising upon full warrant exercise)
- Companies involved
- Bank of America Corporation, Jio Financial Services Limited, Jio Credit Limited
- Jio Credit AUM
- ₹30,667 crore (~$3.2 billion) as of June 30, 2026
- Deal valuation
- About $3.8 billion, per a Reuters calculation
- Investment vs. net worth
- About 2.5 times Jio Credit's estimated net worth of ₹7,259 crore
- Governance
- Equal board representation; existing management continues; Jio Credit remains a consolidated JFSL subsidiary
- Approval status
- Subject to regulatory and statutory approvals
Quotes
Mukesh D. Ambani
Founder and Chairman of Reliance Industries and CEO of Jio Financial Services
“Our country’s progress toward becoming Viksit Bharat by 2047 demands a financial ecosystem built on scale, trust, and inclusivity. Central to this journey is the democratisation of responsible credit, characterised by lower costs for the customer, absolute transparency, and expanding access to capital as our economy grows.”
thehindubusinessline.com
news18.com
“By combining Jio Financial Services’ scale, local expertise and customer base with Bank of America’s global reach, digital experience and close to 250 years of leadership in banking, we can help expand access to financial services and support India’s continued economic growth.”
theprint.in
Sources
Bank of America to buy 49.9% stake in Jio Financial arm, Jio Credit
Bank of America to acquire 49.9% stake in Jio Credit for ₹18,268 crore
Bank of America to take 49.9% stake in Jio Credit for $1.9 billion
Bank Of America To Buy 49.9% Stake In Jio Credit For ₹18,268 Crore
Bank Of America To Acquire Up To 49.9% Stake In Jio Credit Through Joint Venture With Jio Financial
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