Jio Financial Services Limited (JFSL) and Bank of America Corporation (BofA) have entered into a definitive agreement under which BofA will acquire up to a 49.9 per cent interest in JFSL’s wholly owned NBFC lending subsidiary, Jio Credit Limited (JCL).
The investment, including equity shares and warrants if fully subscribed, will amount to Rs 18,268 crore, or approximately $1.9 billion. The transaction will be executed through a preferential allotment of equity shares and warrants.
The investment will initially give Bank of America a 26.5 per cent equity interest in JCL, which can increase to 49.9 per cent upon exercise of the warrants. The transaction remains subject to regulatory and statutory approvals.
The joint venture will combine Jio Financial Services’ digital reach and knowledge of the Indian market with Bank of America’s global financial services expertise. The companies aim to support greater access to credit, digital financial services, innovation and strong risk management.
Jio Credit has reported assets under management of Rs 30,667 crore as of 30 June 2026, having reached this scale within two years of operations. The digital-first lender offers a range of lending products and aims to expand borrowing opportunities across existing and new products in India.
The partnership will provide Jio Credit with additional capital to support its growth as well as access to Bank of America’s expertise in financial services, governance, risk management and technology. For Bank of America, the investment strengthens its participation in India’s growing financial services market through a local partner.
Following the transaction, Jio Credit’s Board of Directors will have equal representation from Jio Financial Services and Bank of America. The existing management team will continue to lead the company’s strategy and operations, while Jio Credit will remain consolidated as a subsidiary in Jio Financial Services’ financial reporting.
Mukesh D. Ambani said the partnership represents a milestone in Jio Financial Services’ efforts to make credit more accessible, transparent and seamless for Indians. He added that combining Jio’s digital reach with Bank of America’s global capabilities would support wider access to responsible credit.
Brian Moynihan, Chair and Chief Executive Officer, Bank of America, said the investment reflects the company’s confidence in India’s growth prospects. He added that combining Jio Financial Services’ scale, local expertise and customer base with Bank of America’s global reach and digital experience can help expand access to financial services and support India’s economic growth.
The investment assumes an exchange rate of US$1 equal to Rs 96.
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