Bank of America is set to take as much as a 49.9% holding in Jio Credit, the lending arm of Jio Financial Services, through a preferential issue of equity shares and warrants.
The deal will bring together Jio Financial Services’ digital distribution and its understanding of the Indian market with Bank of America’s financial services capabilities.
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As of 30 June 2026, Jio Credit had assets under management of $3.2bn, reached within two years of starting operations.
Bank of America said that the transaction offers it a larger role in the Indian market.
Bank of America CEO and chairman Brian Moynihan said: “We are excited to become a partner with Jio Financial Services, which has achieved remarkable scale in a short period of time, growing to more than three billion dollars$3 billion in assets under management in just two years.
“By combining Jio Financial Services’ scale, local expertise and customer base with Bank of America’s global reach, digital experience and close to 250 years of leadership in banking, we can help expand access to financial services and support India’s continued economic growth.”
Under the arrangement, the joint venture will draw on Bank of America’s experience in governance, risk controls, technology and financial services.
After completion, Jio Credit’s board will include equal representation from Jio Financial Services and Bank of America.
“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,” said Mukesh Ambani, the promoter behind Jio Financial Services, a company carved out of his core conglomerate Reliance Industries.
Last year, Jio Financial Services bought the full 17.8% stake in Jio Payments Bank that had been held by State Bank of India.
That transaction made the digital bank a wholly-owned subsidiary of Jio Financial Services.
