Bank of America Invests $1.9B in Jio Credit for 49.9% Stake

Bank of America will invest approximately $1.9 billion, equivalent to ₹18,268 crore, to acquire up to a 49.9% stake in Jio Credit Limited. This entity is a wholly-owned non-bank financial company subsidiary of Jio Financial Services. This joint venture marks a strategic move to deepen Bank of America’s presence within India’s expanding financial services sector.

The collaboration is designed to combine Jio Financial Services’ robust digital distribution capabilities and deep understanding of the Indian market with Bank of America’s global expertise. This global proficiency spans banking, technology, governance, risk management, and broader financial services.

Jio Credit began its operations two years ago and has since built its assets under management to approximately $3.2 billion, or ₹30,667 crore, as of June 30, 2026. The company specializes in offering secured lending products to both retail and commercial clients. These products include mortgages, loans against securities, commercial lending, and supply-chain finance.

Market Expansion and Growth

This significant investment will bolster Jio Credit’s loan growth initiatives and provide critical access to Bank of America’s extensive experience. For Bank of America, the deal secures a stronger foothold in India through a partnership with an established local digital financial services provider.

Both companies anticipate that India’s continuously growing economy will generate substantial opportunities to enhance credit access, primarily driven by digital technology. Post-transaction, Jio Credit’s board will feature equal representation from both Bank of America and Jio Financial Services. The existing management team will continue to direct strategy and daily operations, with Jio Credit remaining a consolidated subsidiary in Jio Financial Services’ financial reporting.

Broader Financial Ecosystem

This partnership aligns with Jio Financial Services’ broader strategic vision, which already includes other joint ventures. These existing collaborations involve BlackRock for asset and wealth management services, and Allianz Group for insurance services.

Jio Financial Services maintains a comprehensive digital financial ecosystem, delivering various services through its JioFinance platform. The Bank of America agreement is specifically poised to strengthen the lending segment of this ecosystem, advancing the overarching goal of expanding financial product accessibility across India. Bank of America currently serves over 69 million U.S. clients and operates in more than 35 countries globally.