Jio Financial Joins Forces With Bank of America

Bank of America has entered into a definitive joint venture agreement with Jio Financial Services Limited to acquire up to a 49.9% stake in Jio Credit Limited, Jio Financial Services’ lending arm. The proposed investment is valued at up to ₹18,268 crore, or approximately $1.92 billion. Under the agreement, BofA will initially acquire a 26.5% stake through a preferential allotment of equity shares, with its holding potentially increasing to 49.9% if the warrants are fully exercised.

The partnership marks a significant expansion of Bank of America’s presence in India’s growing consumer credit and NBFC market. For Jio Financial Services, the deal brings substantial foreign capital and the expertise of a global banking major as it scales its financial services operations. Jio Credit has been expanding rapidly, with its gross assets under management crossing ₹30,000 crore earlier this year, highlighting the growing scale of Jio’s lending business.