Bank of America, through its subsidiary NB Holdings, will invest ₹18,268 crore, or around $1.9 billion, in Jio Credit, Jio Financial Services’ wholly owned lending subsidiary. The investment will give Bank of America a stake of up to 49.9% in Jio Credit.
The investment will be made through a preferential issue of equity shares and warrants. Of the total investment, ₹6,612.90 crore will be invested for a 26.5% equity stake, while ₹11,655.32 crore will be through warrants.
Bank of America will pay 25% of the warrant consideration, amounting to ₹2,913.83 crore, upfront. This will take the total upfront cash investment in Jio Credit to ₹9,526.73 crore.
The remaining ₹8,741.49 crore will be payable upon conversion of the warrants, taking Bank of America’s stake to 49.9% and its total investment to ₹18,268.22 crore.
The transaction is subject to regulatory and statutory approvals. The joint venture will have equal representation from Jio Financial Services and Bank of America on the Jio Credit board.
Jio Credit will continue to be consolidated as a subsidiary in Jio Financial Services’ financial statements.
The transaction marks Jio Financial Services’ third major global partnership, following its joint venture with BlackRock in asset management and partnership with Allianz in insurance.
Jio Credit, a digital-first non-banking financial company, focuses on secured lending across retail, commercial and supply chain finance. Its assets under management stood at ₹30,667 crore as of June 30, 2026.
Bank of America Chair and CEO Brian Moynihan said the investment reflects the lender’s confidence in India’s growth prospects. He said the partnership will combine Jio Financial Services’ scale, local expertise and customer base with Bank of America’s global reach and digital capabilities.
Reliance Industries Chairman and Managing Director Mukesh Ambani said the partnership is aimed at expanding access to responsible credit and making financial services more seamless through technology.
