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.

On Wednesday, Jio Financial Services Ltd (JFSL) and Bank of America (BofA) revealed a strategic deal that will allow the US bank to take as much as a 49.9 % share in Jio Credit (JCL), the NBFC wholly owned by JFSL, via a preferential issuance of equity shares and warrants.

The investment, valued at up to ₹18,268 crore (roughly $1.9 billion), will first grant BofA a 26.5 % equity holding in JCL, with the potential to increase to 49.9 % after warrant exercise, pending required regulatory clearances.

How the partnership merges Jio’s digital strength with Bank of America’s know‑how

The collaboration seeks to fuse Jio Financial Services’ digital footprint, customer insight and market knowledge with Bank of America’s global financial expertise, risk‑management strength and technological prowess. JCL, among India’s quickest‑growing NBFCs, reported assets under management of ₹30,667 crore as of June 30 2026, achieved in just two years since launch.

Reliance Industries Chairman Mukesh Ambani commented that India’s goal of becoming a developed nation by 2047 hinges on a financial system founded on scale, trust and inclusivity.

“Our nation’s march toward Viksit Bharat by 2047 calls for a financial system grounded in scale, trust and inclusivity. At the heart of this effort lies the democratization of responsible credit—offering customers lower costs, full transparency, and broader access to capital as the economy expands,” Ambani remarked.

Ambani describes the deal as a landmark step toward widening credit availability

He also noted that Jio Financial Services aims to simplify and broaden finance for Indians using technology‑driven solutions. “Our strategic alliance with Bank of America marks a key milestone in this endeavor. By merging our digital reach with Bank of America’s global standing, we aim to remove obstacles in credit delivery for every Indian,” he said.

Brian Moynihan, Chairman and CEO of Bank of America, stated, “India ranks among the world’s most vital growth markets, and this investment underscores our confidence in its prospects.”

Moynihan added that the partnership will blend Jio Financial Services’ scale and local insight with Bank of America’s global reach and almost 250 years of banking heritage to broaden financial‑service access and bolster India’s ongoing economic expansion. Both parties will have equal seats on JCL’s board, while the current management team remains in charge of day‑to‑day operations.

Published on August 12, 2026