Bank of America to acquire 49.9% stake in Jio Credit for ₹18,268 crore

Jio Financial Services and Bank of America have announced a strategic partnership under which BofA will invest up to ₹18,268 crore in Jio Credit, potentially acquiring a 49.9% stake in the NBFC.

Jio Financial Services Ltd (JFSL) and Bank of America (BofA) on Wednesday announced a strategic partnership under which the US banking major will acquire up to a 49.9 per cent stake in Jio Credit (JCL), JFSL’s wholly owned non-banking finance company (NBFC), through a preferential allotment of equity shares and warrants.The proposed investment, valued at up to ₹18,268 crore (about $1.9 billion), will initially give BofA a 26.5 per cent equity stake in JCL, which can subsequently rise to 49.9 per cent upon the exercise of warrants, subject to regulatory and statutory approvals.Partnership to combine Jio’s digital reach with BofA expertiseThe partnership aims to combine Jio Financial Services’ digital reach, customer base and understanding of the Indian market with Bank of America’s global financial services expertise, risk management capabilities and technology experience. JCL, one of India’s fastest-growing NBFCs, has built assets under management (AUM) of ₹30,667 crore as of June 30, 2026, within just two years of operations.Commenting on the transaction, Reliance Industries Chairman Mukesh Ambani said India’s aspiration to become a developed nation by 2047 requires a financial ecosystem built on scale, trust and inclusivity.“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,” Ambani said.Ambani calls partnership a milestone in expanding credit accessHe added that Jio Financial Services is focused on making finance simpler and more accessible for Indians through technology-led solutions. “Our strategic partnership with Bank of America is a pivotal milestone in this mission. By combining our digital reach with Bank of America’s global pedigree, we will eliminate friction in credit delivery for all Indians,” he said.Brian Moynihan, Chair and Chief Executive Officer of Bank of America, said, “India is one of the world’s most important growth markets, and this investment reflects our confidence in its future.”Moynihan stated that the partnership would combine Jio Financial Services’ scale and local expertise with BofA’s global reach and nearly 250 years of banking experience to expand access to financial services and support India’s continued economic growth. The two partners will have equal representation on JCL’s board, while the existing management team will continue to run the business.Published on August 12, 2026