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BofA to invest $1.9 billion for 49.9% stake in Jio Financial NBFC unit
The deal gives BofA an initial 26.5% stake and could lift it to 49.9% as Jio Credit expands in India.
- On Wednesday, Bank of America Corporation signed a definitive agreement to acquire up to 49.9% of Jio Financial Services Limited's lending subsidiary, Jio Credit Limited, in a $1.9 billion transaction through equity shares and warrants.
- Jio Credit Limited built more than $3 billion in assets under management within two years, attracting BofA as the U.S. lender seeks to expand in India's rapidly growing financial sector and double-digit economy.
- The transaction initially grants BofA a 26.5% equity interest in JCL, with holdings potentially rising to 49.9% upon warrant exercise, contingent on regulatory and statutory approvals.
- Under the agreement, the Board of Directors will have equal representation from both companies, while JCL's existing management team continues driving operations and strategy for the non-bank lender.
- Global financial institutions are increasingly targeting India's financial services sector; this investment mirrors recent moves like Dubai-based Emirates NBD's 60% stake acquisition in RBL Bank.
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Bank of America agrees to invest up to $1.9 billion in Jio Credit
Bank of America has agreed to invest up to ₹182.68 billion ($1.9 billion) in Jio Credit, taking an initial 26.5% interest that could rise to 49.9% if it converts all of the warrants included in the transaction. Jio Credit’s assets under management reached ₹306.67 billion at June 30, 2026, up 163% from a year earlier. Bank of America and Jio Financial Services announced the definitive agreement on August 12. The investment will be made through NB…
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Total News Sources25
Leaning Left2Leaning Right5Center8Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
13%
C 54%
R 33%
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