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Bank of America is set to acquire up to a 49.9% stake in Jio Credit, the non-bank lending business of Jio Financial Services, in a deal valued at 182.68 billion rupees ($1.92 billion). The investment will expand the U.S. banking giant’s presence in India’s rapidly growing financial services market.
Under the agreement, Bank of America will become a joint venture partner in Jio Credit through a preferential allotment of equity shares and warrants. The transaction will initially give the U.S. lender a 26.5% stake, which could increase to 49.9% if the warrants are fully exercised. The deal values Jio Credit at approximately $3.8 billion.
Jio Credit plans to issue equity shares worth up to 66.13 billion rupees and warrants valued at as much as 116.55 billion rupees to Bank of America.
Bank of America CEO Brian Moynihan said the partnership would combine Jio Financial Services’ local expertise, scale and customer reach with the U.S. bank’s global capabilities and digital experience. The companies aim to expand access to financial services while supporting India’s economic growth.
Jio Credit has emerged as one of India’s fastest-growing non-banking financial companies, or NBFCs. Its assets under management surpassed $3 billion as of the end of June, despite the company having operated for only two years. India’s non-bank credit market is expanding at more than 14%, driven by demand for personal loans, gold loans and small-business financing.
The Bank of America investment also reflects growing foreign interest in India’s lending sector. Recent major deals include MUFG’s investment in Shriram Finance, Emirates NBD’s acquisition of a 60% stake in RBL Bank and Sumitomo Mitsui Financial Group’s investment in Yes Bank.
Jio Financial Services, which was spun off from Reliance Industries and listed in 2023, has increasingly used global partnerships to expand its financial offerings. It already operates asset and wealth management ventures with BlackRock and has partnered with Allianz for general and health insurance.
