Bank of America Buys 49.9% of Jio Credit
India's fastest-growing economy gets $1.9B boost as Jio Credit's assets under management reach ₹30,667 crore
Bank of America is set to acquire up to a 49.9% stake in Jio Credit, a subsidiary of Jio Financial Services, through a joint venture agreement valued at up to ₹18,268 crore ($1.9 billion). The investment will initially see Bank of America acquire a 26.5% stake in Jio Credit through a preferential allotment of equity shares, with the option to increase its stake to 49.9% upon the exercise of warrants.
The joint venture aims to combine Jio Financial Services' digital reach and local expertise with Bank of America's global financial services capabilities, supporting India's economic growth and expanding access to financial services. Jio Credit's assets under management (AUM) reached ₹30,667 crore as of June 30, 2026.
Mukesh Ambani, Chairman of Reliance Group, said the partnership will help eliminate friction in credit delivery for all Indians. Brian Moynihan, CEO of Bank of America, said the partnership will help expand access to financial services and support India's continued economic growth.
The transaction will provide Jio Credit with additional capital to support loan growth and access to Bank of America's expertise in financial services, technology, and risk management. The deal is subject to regulatory and statutory approvals.
## What it means The partnership between Jio Financial Services and Bank of America is significant, as it brings together the digital reach and local expertise of Jio Financial Services with the global financial services capabilities of Bank of America. This combination is expected to support India's economic growth and expand access to financial services, particularly in the credit sector. With India being one of the world's fastest-growing major economies, the investment strengthens Bank of America's presence in the country, while giving it a local partner with an established digital platform and customer base.
## Why it matters The deal is a significant development in the Indian financial services sector, as it highlights the growing importance of digital platforms and partnerships between local and global players. The partnership is expected to provide Jio Credit with the necessary capital and expertise to support loan growth and expand its operations, while also supporting India's economic growth and development. The deal is also a testament to the growing attractiveness of India as an investment destination, with Bank of America's investment being one of the largest in the country's financial services sector.
