FOR IMMEDIATE RELEASE
Bank of America Fortifies India Presence with Strategic Jio Credit Investment, Targeting Nearly 50% Stake
MUMBAI – [Date of Publication] – Bank of America today announced a significant strategic investment in Jio Credit, the non-banking financial company (NBFC) lending subsidiary wholly owned by Jio Financial Services. The American financial giant is set to acquire an initial 26.5% stake, with the potential to increase its holding to 49.9% through a joint venture agreement. This ambitious move signifies an investment of up to Rs 18,268 crore (approximately $1.9 billion USD), placing Jio Credit’s post-investment valuation at an impressive Rs 36,600 crore.
The transaction, structured as a preferential allotment of equity shares and warrants, will see Bank of America’s stake progressively rise to 49.9% upon full subscription to the warrants. This landmark deal is currently contingent on securing all necessary regulatory and statutory approvals.
This strategic partnership is poised to inject substantial capital into Jio Credit, fueling its ambitious growth trajectory. Beyond financial backing, the collaboration promises to grant Jio Credit invaluable access to Bank of America’s world-renowned expertise in financial services, robust governance frameworks, sophisticated risk management protocols, and cutting-edge technology.
Jio Credit, a relatively young but rapidly expanding entity, has demonstrated remarkable growth since its inception. As of June 30, 2026 – merely two years after commencing operations – the NBFC boasted an impressive Assets Under Management (AUM) of Rs 30,667 crore ($3.2 billion).
Brian Moynihan, CEO of Bank of America, underscored the synergistic nature of this collaboration. “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,” Moynihan stated. His remarks highlight the dual objectives of the partnership: leveraging local market understanding with global financial prowess to foster greater financial inclusion and contribute to India’s burgeoning economic landscape.
This investment marks a pivotal moment for Bank of America, deepening its strategic engagement within the rapidly expanding Indian financial sector. The nation’s robust economic growth and burgeoning middle class present a fertile ground for financial services, and this partnership positions Bank of America at the forefront of this evolution.
A key aspect of the joint venture agreement stipulates that Jio Credit’s board will feature equal representation from both Bank of America and Jio Financial Services. Critically, the existing management team of Jio Credit will retain its operational leadership, ensuring continuity and leveraging their established understanding of the Indian market.
The collaboration is expected to usher in a new era for financial services in India, combining a deep understanding of local market dynamics with global best practices. As India continues its journey of economic development, this partnership between two financial powerhouses is set to play a significant role in shaping the future of its lending landscape.
About Bank of America:
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
About Jio Financial Services and Jio Credit:
Jio Financial Services is a prominent entity in the Indian financial sector, with Jio Credit operating as its wholly owned NBFC lending subsidiary, focused on providing diverse financial solutions to a broad customer base.
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