Bank of America Signs $1.92 Billion Joint Venture Deal for Stake in Jio Credit
Bank of America Signs $1.92 Billion Joint Venture Deal for Stake in Jio Credit #
Bank of America has signed a definitive agreement to become a joint venture partner in Jio Credit Limited, the non-bank financial company (NBFC) lending arm of Mukesh Ambani’s Jio Financial Services (JFS), in a deal valued at up to approximately $1.92 billion. The agreement, announced Wednesday, would be one of the largest single foreign investments in India’s digital lending sector.
The investment will be made through Bank of America’s wholly owned subsidiary NB Holdings Corporation, via a preferential allotment of equity shares and warrants worth roughly ₹18,268 crore. Bank of America receives an initial 26.5% equity stake in Jio Credit, with warrants giving it the option to raise that holding to 49.9%. Reuters puts the implied valuation of Jio Credit at approximately $3.8 billion.
Jio Credit began operations roughly two years ago and has since grown into one of India’s fastest-growing NBFCs. As of June 30, 2026, it reported assets under management of about ₹30,667 crore, or approximately $3.2 billion, according to Banking Dive. Once the transaction closes, subject to regulatory and statutory approvals, JFS and Bank of America will hold equal representation on Jio Credit’s board. JFS will retain the remaining stake, and Jio Credit will continue to be consolidated as a subsidiary in JFS’s financial statements.
Bank of America CEO Brian Moynihan described the investment as a long-term commitment. “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,” he said in a statement cited by Banking Dive.
The deal is designed to combine JFS’s digital distribution infrastructure and local market knowledge with Bank of America’s global experience in technology, governance, and risk management.
Foreign investment in Indian banks and NBFCs has increased in recent years, driven by domestic credit demand and low loan delinquency rates. Comparable deals noted by Reuters include MUFG’s investment in Shriram Finance, Dubai-based Emirates NBD’s 60% stake purchase in RBL Bank, and Sumitomo Mitsui Financial Group’s investment in Yes Bank.
For JFS, the agreement adds to an existing set of global joint ventures. The company already operates a 50:50 asset management partnership with BlackRock and 50:50 joint ventures with Allianz Group covering reinsurance and insurance, according to Pulse2.
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