Bank of America acquires Jio Credit stake

Bank of America Corporation and Jio Financial Services Limited announced a definitive agreement on August 12, 2026, under which Bank of America will acquire up to a 49.9% 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 (approximately USD 1.9 billion). Bank of America will initially acquire a 26.5% equity stake through a preferential allotment, with the potential to increase to 49.9% upon exercise of warrants. The transaction is subject to regulatory and statutory approvals. Jio Credit, which began operations less than two years ago, had assets under management of Rs 30,667 crore (USD 3.2 billion) as of June 30, 2026. The joint venture aims to combine Jio Financial Services' digital reach and understanding of the Indian market with Bank of America's global financial services expertise, governance, risk management, and technology. The board of Jio Credit will have equal representation from both companies, while the existing management team will continue to oversee operations. Leadership from both companies, including Mukesh Ambani and Brian Moynihan, expressed confidence in the partnership's potential to expand access to credit and support India's economic growth.