Bank of America agreed to buy up to a 49.9% stake in the nonbank lending arm of Mumbai-based Jio Financial Services Limited for roughly $1.9 billion, the bank said Wednesday.
Jio Credit Limited was established in 2025 and has grown its assets under management to $3.2 billion as of June 30. By investing in Jio Credit, Bank of America will grow its presence in the Indian market, one of the fastest-growing economies in the world, according to the World Bank.
“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,” Bank of America CEO Brian Moynihan said in a prepared statement. “We are excited to become a partner with Jio Financial Services, which has achieved remarkable scale in a short period of time.”
Bank of America’s investment offers Jio Credit the capital to continue growing while tapping into global expertise, the bank said.
“Jio Financial Services is committed to making finance more seamless and simpler for Indians than ever before, leveraging new technology and anchored in the highest standards of governance,” founder Mukesh Ambani said in a prepared statement. “Our strategic partnership with Bank of America is a pivotal milestone in this mission.”
The bank will invest up to 182.68 billion rupee (~$1.9 billion USD) through a preferential allotment of equity shares and warrants. Initially, Bank of America will get a 26.5% equity interest in JCL, which can increase to 49.9% upon exercise of the warrants.
“By combining our digital reach with Bank of America's global pedigree, we will eliminate friction in credit delivery for all Indians, empowering them to chart a prosperous and inclusive path forward for the entire nation,” Ambani said.
Bank of America and Jio Financial Services Limited will have equal representation on Jio Credit’s board.
The transaction is subject to regulatory and statutory approvals.
