BofA CEO Brian Moynihan said, “India is one of the world’s most important growth markets, and this investment reflects our confidence in the country’s future.”
Bank of America announced on Wednesday that it had reached an agreement worth approximately $1.9 billion to acquire a stake of up to 49.9% in the non-bank lending arm of Mumbai-based Jio Financial Services Limited.
Jio Credit Limited, established in 2025, had grown its assets under management to $3.2 billion as of June 30. By investing in Jio Credit, Bank of America will strengthen its presence in the Indian market—one of the world’s fastest-growing economies according to World Bank data.
“India is one of the world’s most important growth markets; this investment reflects our confidence in the future of a market we know well and have supported for decades,” said Bank of America CEO Brian Moynihan. “We are excited to partner with Jio Financial Services, which has achieved remarkable scale in a short period.”
The bank stated that the investment provides Jio Credit with the capital needed to continue growing while leveraging global expertise.
“Jio Financial Services is committed to making financial processes smoother and simpler than ever for Indians by harnessing new technologies and adhering to the highest standards of governance,” said founder Mukesh Ambani. “Our strategic partnership with Bank of America is a crucial step toward this mission.”
The bank will invest up to 182.68 billion rupees (approximately $1.9 billion USD) through the allotment of preferred stock and warrants. Bank of America will initially acquire a 26.5% stake in JCL; This figure could rise to 49.9% upon the exercise of warrants.
Ambani said, “By combining our digital access network with Bank of America’s global experience and prestige, we will remove barriers to credit access for all Indians and empower them to build a prosperous and inclusive future for the entire nation.”
Bank of America and Jio Financial Services Limited will have equal representation on the board of directors of Jio Credit.
The transaction is subject to regulatory approvals and statutory approval processes.
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