Bank of America signed a definitive joint venture agreement with India's Jio Financial Services. The firm will acquire up to a 49.9% stake in Jio Credit Limited. This investment could total approximately $1.9 billion (₹18,268 crore).
The transaction begins with an initial 26.5% equity interest through preferential shares and warrants. Bank of America can increase this stake to 49.9% by exercising the warrants. The partnership aims to broaden credit access by combining Jio's digital reach with Bank of America's global expertise.
Jio Credit reported assets under management of approximately $3.2 billion as of June 30, 2026. The deal awaits regulatory approvals. Both companies will receive equal board representation upon completion.