WS Investor
12 Aug 2026, 15:37
Bank of America to Invest $1.9 Billion in Jio Credit, Expanding Its Position in India’s Financial Market
Bank of America (NYSE: BAC) is making a major push into India’s rapidly expanding consumer and commercial lending market through a new joint venture with Jio Financial Services.
Bank of America and Jio Financial Services announced Wednesday that they have signed a definitive agreement under which the U.S. banking giant will acquire up to a 49.9% interest in Jio Credit Limited, Jio Financial’s non-bank lending subsidiary. The investment, including equity shares and warrants, is valued at ₹18,268 crore, or approximately $1.9 billion.
## Bank of America Targets India’s Lending Growth
The transaction combines Jio Financial’s extensive digital reach and knowledge of the Indian market with Bank of America’s global financial-services, technology and risk-management capabilities.
Jio Credit has expanded rapidly since beginning operations. The digital-first non-bank financial company had assets under management of ₹30,667 crore, approximately $3.2 billion, as of June 30, 2026, reaching that scale within just two years. Its lending portfolio includes mortgages, loans against securities, commercial lending and supply-chain finance.
For Bank of America, the deal provides direct exposure to one of the world's fastest-growing major economies without requiring the bank to build a large domestic lending platform independently.
CEO Brian Moynihan described India as one of the world's most important growth markets and highlighted Jio Financial's ability to build more than $3 billion in assets under management in only two years.
## Jio Builds a Powerful Financial Services Ecosystem
The partnership also strengthens Jio Financial’s broader strategy of developing a full-scale digital financial-services ecosystem in India.
Jio Financial already operates across lending, payments, insurance and investment services. It has a 50:50 asset-management and wealth-management partnership with BlackRock and separate 50:50 insurance joint ventures with Allianz.
Adding Bank of America as a major partner in lending further strengthens that ecosystem and provides Jio Credit with additional capital to expand its loan portfolio.
Under the agreement, Jio Credit’s board will have equal representation from Jio Financial Services and Bank of America. Existing management will continue operating the business, while Jio Credit will remain consolidated as a Jio Financial subsidiary.
## Strategic Move for Both Companies
The $1.9 billion transaction is significant for Bank of America because it represents a substantial long-term commitment to India's financial sector rather than simply an expansion of its existing institutional banking operations.
For Jio Financial, the partnership provides both capital and access to Bank of America’s expertise in governance, technology, financial services and risk management as it scales its lending operations.
The deal also adds another major global financial institution to Jio Financial’s growing network of strategic partners. With BlackRock in investments, Allianz in insurance and now Bank of America in lending, Jio Financial is increasingly positioning itself as a broad-based digital financial-services platform in India.
Bank of America (NYSE: BAC) is making a major push into India’s rapidly expanding consumer and commercial lending market through a new joint venture with Jio Financial Services.
Bank of America and Jio Financial Services announced Wednesday that they have signed a definitive agreement under which the U.S. banking giant will acquire up to a 49.9% interest in Jio Credit Limited, Jio Financial’s non-bank lending subsidiary. The investment, including equity shares and warrants, is valued at ₹18,268 crore, or approximately $1.9 billion.
## Bank of America Targets India’s Lending Growth
The transaction combines Jio Financial’s extensive digital reach and knowledge of the Indian market with Bank of America’s global financial-services, technology and risk-management capabilities.
Jio Credit has expanded rapidly since beginning operations. The digital-first non-bank financial company had assets under management of ₹30,667 crore, approximately $3.2 billion, as of June 30, 2026, reaching that scale within just two years. Its lending portfolio includes mortgages, loans against securities, commercial lending and supply-chain finance.
For Bank of America, the deal provides direct exposure to one of the world's fastest-growing major economies without requiring the bank to build a large domestic lending platform independently.
CEO Brian Moynihan described India as one of the world's most important growth markets and highlighted Jio Financial's ability to build more than $3 billion in assets under management in only two years.
## Jio Builds a Powerful Financial Services Ecosystem
The partnership also strengthens Jio Financial’s broader strategy of developing a full-scale digital financial-services ecosystem in India.
Jio Financial already operates across lending, payments, insurance and investment services. It has a 50:50 asset-management and wealth-management partnership with BlackRock and separate 50:50 insurance joint ventures with Allianz.
Adding Bank of America as a major partner in lending further strengthens that ecosystem and provides Jio Credit with additional capital to expand its loan portfolio.
Under the agreement, Jio Credit’s board will have equal representation from Jio Financial Services and Bank of America. Existing management will continue operating the business, while Jio Credit will remain consolidated as a Jio Financial subsidiary.
## Strategic Move for Both Companies
The $1.9 billion transaction is significant for Bank of America because it represents a substantial long-term commitment to India's financial sector rather than simply an expansion of its existing institutional banking operations.
For Jio Financial, the partnership provides both capital and access to Bank of America’s expertise in governance, technology, financial services and risk management as it scales its lending operations.
The deal also adds another major global financial institution to Jio Financial’s growing network of strategic partners. With BlackRock in investments, Allianz in insurance and now Bank of America in lending, Jio Financial is increasingly positioning itself as a broad-based digital financial-services platform in India.
