NB Holdings Corporation, a wholly owned subsidiary of Bank of America Corporation (BoFA), will acquire a 49.9 per cent stake in Jio Credit, the lending arm of Mukesh Ambani’s Jio Financial Services (JFS), for ₹18,268.22 crore, or $1.9 billion, through a preferential allotment of equity shares and warrants, Jio Financial Services said in a filing with the stock exchanges. JFS and BofA signed a definitive agreement on Wednesday.
The deal size is about 2.5 times the net worth of Jio Credit, which is estimated at ₹7,259 crore. BofA will initially acquire a 26.5 per cent stake in Jio Credit, which can rise to 49.9 per cent upon exercise of the warrants. The transaction is subject to regulatory and statutory approvals. JFS will hold the remaining stake in Jio Credit.
Jio Credit has built assets under management (AUM) of ₹30,667 crore, or about $3.2 billion, as of June 30, 2026, within two years of starting operations.
The investment will provide Jio Credit with long-term capital to support loan growth as it expands its lending products, while giving BofA greater participation in India’s growing financial services market.
“India is one of the world’s most important growth markets, and this investment reflects our confidence in its future, a market we know well and have supported for decades,” said Brian Moynihan, chair and chief executive officer of Bank of America.
The investment is a pure equity infusion, as BofA does not operate retail banking businesses outside the US.
Following the transaction, Jio Credit’s board will have equal representation from Jio Financial Services and BofA. Its existing management team will continue to run the NBFC, while Jio Credit will remain consolidated as a subsidiary in Jio Financial Services’ financial reporting.
“By combining our digital reach with Bank of America’s global pedigree, we will eliminate friction in credit delivery for all Indians, empowering them to chart a prosperous and inclusive path forward for the entire nation,” Ambani said.
For BofA, the deal provides an entry into India’s rapidly expanding lending market through an established digital platform.
The US lender said the investment would allow it to participate in India’s growth while partnering with a company with local expertise and differentiated capabilities.
The transaction will also give Jio Credit access to BofA’s expertise in financial services, governance, risk management and technology as it expands its lending business.
JFS said Jio Credit is focused on bridging the gap between traditional finance and modern accessibility through its diverse suite of lending products, with ambitions to continue its growth trajectory responsibly by providing borrowing opportunities across existing and new products in India.