Bank of America to Acquire Up to 49.9% Stake in Jio Credit for $1.92 Billion

Bank of America is set to acquire up to a 49.9% stake in Jio Credit, the nonbank lending unit of Jio Financial Services, in a deal valued at approximately 182.68 billion rupees ($1.92 billion). The strategic partnership, announced on August 12, 2026, will see the U.S. banking giant become a joint venture partner in the Indian company through a preferential allotment of equity shares and warrants.

Under the agreement, Bank of America will initially receive a 26.5% equity stake in Jio Credit. This stake can increase to 49.9% if the warrants are fully exercised, subject to regulatory and statutory approvals. The transaction values Jio Credit at approximately $3.8 billion. The investment is designed to support Jio Credit's lending growth and combine Jio Financial Services' digital reach and local market understanding with Bank of America's global financial expertise, risk management capabilities, and technology.

The partnership was announced by leaders from both companies. Reliance Industries Chairman Mukesh Ambani stated that India's aspiration to become a developed nation by 2047 requires a financial ecosystem built on scale, trust, and inclusivity. He described the deal as a...