Bank of America picks 49.9% stake Jio Credit for $1.9 billion

BofA and Jio Financial Services have entered into a joint venture agreement under which the US banking major will pick up shares through a preferential issue and warrants.

The investment will allow the US bank to expand its participation in the rapidly growing Indian market.

The venture will combine Jio Financial Services' digital reach and knowledge of the Indian market with BofA's global financial services expertise, the companies said in a statement.

Jio Credit Limited’s Board of Directors will have equal representation from both JFSL and BofA. The existing management team of Jio Credit will continue driving the strategy and operations.

Jio Credit will continue to be consolidated as a subsidiary in JFSL’s financial reporting, the statement added.

Bank of Amercia chief Brian Moynihan said, “India is one of the world’s most important growth markets, and this investment reflects our confidence in its future, a market we know well and have supported for decades. We are excited to become a partner with Jio Financial Services, which has achieved remarkable scale in a short period of time, growing to more than $3 billion in assets under management in just two years.”

Jio Credit Limited has built assets under management of Rs 30,667 crore as of June 30, 2026, within just two years of operations. The NBFC, which is currently focussed on secured lending such as home loans and building a marketplace model, has been eyeing to enter retail lending since quite some time now.