Bank of America to Buy 49.9% Stake in Jio Credit for ₹18,268 Crore: Check Deal Details

A major development has emerged in India's financial services sector. Bank of America and Jio Financial Services have signed a definitive agreement under which Bank of America will acquire a stake of up to 49.9% in Jio Credit Limited.

The proposed transaction is valued at approximately ₹18,268 crore ($1.9 billion) and could create a significant partnership between Jio Financial Services and the US-based financial giant.

Bank of America to Acquire Up to 49.9% in Jio Credit

Jio Credit Limited is a wholly owned non-banking financial company (NBFC) of Jio Financial Services and operates in the lending segment.

Under the agreement, Bank of America will invest through a combination of shares and warrants. The transaction will be completed through a preferential allotment.

Following the investment, Jio Financial Services and Bank of America will have equal representation on Jio Credit's board, according to the details provided by the companies.

Jio Credit's Assets Reach ₹30,667 Crore

Jio Credit has rapidly expanded its lending operations since starting its business.

As of June 30, 2026, the company's assets under management (AUM) stood at ₹30,667 crore, equivalent to approximately $3.2 billion.

The proposed partnership is expected to give Jio Credit additional capital to expand its lending business while benefiting from Bank of America's expertise in financial services, governance, risk management and technology.

What Are the Key Highlights of the Jio Credit-BofA Deal?

Up to 49.9% stake: Bank of America will acquire up to a 49.9% stake in Jio Credit.

₹18,268 crore investment: The proposed transaction has a total value of approximately ₹18,268 crore ($1.9 billion).

₹30,667 crore AUM: Jio Credit's assets under management stood at ₹30,667 crore as of June 30, 2026.

Equal board representation: Jio Financial Services and Bank of America will have equal representation on Jio Credit's board.

Existing management to continue: Jio Credit's existing management will remain responsible for the company's strategy and day-to-day operations.

Jio's Digital Reach Meets Bank of America's Global Expertise

The proposed partnership will combine Jio Financial Services' digital ecosystem and understanding of the Indian market with Bank of America's international financial-services expertise.

The companies expect the collaboration to support the sustainable expansion of Jio Credit's lending operations and strengthen areas such as risk management, governance and technology.

Jio Financial Services Chairman Mukesh Ambani described the partnership as an important milestone for the company's objective of expanding access to responsible credit.

Bank of America Chairman and CEO Brian Moynihan also highlighted India's importance as a growth market and said the investment reflects the bank's confidence in the country's long-term potential.

Deal Still Subject to Regulatory Approvals

Despite the announcement, the transaction has not yet closed.

The proposed investment remains subject to applicable regulatory and statutory approvals. The final ownership structure will therefore be completed only after the required approvals and other transaction conditions are fulfilled.

The deal nevertheless represents a major development for India's rapidly expanding financial-services and lending market, giving Jio Credit access to significant global financial expertise while providing Bank of America with a deeper opportunity to participate in India's growing credit ecosystem.