Bank of America Invests $1.9 Billion in Jio Credit

Bank of America Corporation signed a definitive agreement on Wednesday to invest approximately 182.68 billion rupees ($1.9 billion) into Jio Credit, the non-bank lending arm of Jio Financial Services. The investment, executed through subsidiary NB Holdings Corporation, initially grants the U.S. lender a 26.5% stake, with the potential to increase to 49.9% upon the exercise of warrants.

The partnership provides Jio Credit with long-term capital for loan growth and access to Bank of America's risk management and technology expertise. In exchange, Bank of America secures a strategic entry into the Indian lending market via an established digital platform. Following the transaction, the board of Jio Credit will feature equal representation from both companies, although the existing management team will remain in place.

Chair and CEO Brian Moynihan described India as one of the world's most important growth markets. Mukesh Ambani stated that combining digital reach with global pedigree would eliminate friction in credit delivery for Indians to help them chart a prosperous path forward.