MUMBAI, India (Diya TV) — Bank of America plans to invest about $1.9 billion in Jio Credit Limited, the nonbank lending arm of Mumbai-based Jio Financial Services Limited.
Bank of America will invest up to 182.68 billion rupees, or about $1.9 billion, through a preferential allotment of equity shares and warrants.
Initially, the investment will give Bank of America a 26.5% equity interest in Jio Credit. The bank can raise that stake to 49.9% if it exercises its warrants.
The transaction still needs regulatory and statutory approvals. Therefore, the final ownership structure could depend on those approvals and other closing conditions.
Bank of America CEO Brian Moynihan said the deal reflects the bank’s confidence in India’s economic future. He also highlighted the bank’s long history in the country.
“India is one of the world’s most important growth markets,” Moynihan said in a prepared statement.
He added that Bank of America looks forward to working with Jio Financial Services as the company expands its financial business. Jio Credit began operations in 2025. Since then, the company has expanded quickly. Its assets under management reached $3.2 billion as of June 30.
Jio Financial Services founder Mukesh Ambani said the company wants to make financial services simpler for Indian consumers.
“Our strategic partnership with Bank of America is a pivotal milestone in this mission,” Ambani said in a prepared statement.
Bank of America already serves corporate and institutional clients in India. However, its investment in Jio Credit gives it a direct connection to India’s growing consumer lending market.
The companies said the partnership will focus on making credit delivery easier. They also pointed to technology and strong governance as key parts of their strategy.
However, the deal must clear the required regulatory processes before the companies can complete the transaction.
