Summary

Bank of America agreed to acquire up to 49.9% of Jio Credit, the digital-first non-bank lending arm of Jio Financial Services, through a Rs 18,268 crore (~$1.9 billion) joint venture. BofA initially takes 26.5% via preferential allotment, rising to 49.9% via warrants. Jio Credit, operating for two years, reports AUM of Rs 30,667 crore as of June 2026. The deal combines Jio's digital reach with BofA's global expertise, part of a wave of foreign banks entering India's financial sector via partnerships.

Key Points

• BofA to acquire up to 49.9% of Jio Credit; initially 26.5% via preferential allotment, then warrants
• Deal value: Rs 18,268 crore (~$1.9 billion)
• Jio Credit AUM: Rs 30,667 crore (~$3B+) as of June 30, 2026; digital-first NBFC
• Combines Jio's digital reach with BofA's global financial services expertise
• BofA CEO Brian Moynihan: India "one of the world's most important growth markets"
• Mukesh Ambani: partnership a "pivotal milestone" in democratizing responsible credit
• Part of surge in foreign financial investments: MUFG-Shriram Finance, Emirates NBD-RBL Bank, SMFG-Yes Bank
• Jio Financial also has JVs with BlackRock (asset/wealth) and Allianz (insurance)
• Jio Financial demerged from Reliance Industries in 2023
• Signals global confidence in India's credit market and digital-first NBFC model

Sources

• https://economictimes.indiatimes.com/markets/stocks/news/jio-financial-shares-in-focus-as-bank-of-america-set-to-acquire-50-stake-in-jio-credit-for-rs-18268-crore/articleshow/133197203.cms
• https://www.businessworld.in/article/bank-of-america-to-invest-rs-18-268-cr-for-49-9-stake-in-jio-credit-619118