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BofA and Jio Financial Services have entered into a JV deal under which the US banking major will pick up shares through a preferential issue and warrants.
Jio's payment aggregator arm, led by ICICI Bank veterans, is tapping deep banking ties and Reliance's war chest to take on India's biggest fintech players.
The move follows its recent buyout of State Bank of India’s 17.8% stake for Rs 104.54 crore, giving JFSL complete ownership of the bank.
Jio Financial Services acquires SBI's 17.8% stake in Jio Payments Bank for Rs 104.54 crore.
The JV’s wholly owned subsidiary will be called 'Jio BlackRock Broking' -- which will undertake the business of broking.
The news comes shortly after Bajaj Finserv revealed that Allianz is considering an exit from its existing life and general insurance joint ventures with the Bajaj Group.
