The deal will deepen Bank of America’s participation in India as the financial sector expands.

MUMBAI: Bank of America will acquire an initial 26.5% stake in Jio Credit, the wholly owned NBFC lending subsidiary of Jio Financial Services, with the stake potentially rising to 49.9% under a joint venture agreement that could involve an investment of up to Rs 18,268 crore ($1.9 billion). The deal places the post investment value of Jio Credit at Rs 36,600 crore.The investment will be made through a preferential allotment of equity shares and warrants. Assuming full subscription to the warrants, the stake will rise to 49.9%. The transaction is subject to regulatory and statutory approvals.Jio Credit had AUM of Rs 30,667 crore ($3.2 billion) as of June 30, 2026, two years after starting operations. The investment will provide capital for growth and access to Bank of America’s expertise in financial services, governance, risk management and technology. Bank of America CEO Brian Moynihan said the partnership combines Jio Financial Services’ scale and local expertise with its global capabilities. “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.”The deal will deepen Bank of America’s participation in India as the financial sector expands. Jio Credit’s board will have equal representation, while its existing management will continue running the NBFC.