BofA to Buy Up to 49.9% of Jio Credit in $1.9 Billion Deal

Jio Credit is the digital-first non-bank lender owned by Jio Financial Services, part of billionaire Mukesh Ambani’s Reliance business empire. The partnership gives Bank of America a direct foothold in India’s fast-growing consumer finance market, while providing Jio with global capital and risk-management expertise as it expands beyond payments and insurance into a broader financial-services platform.

Jio Financial Services and Bank of America struck the agreement on Aug. 12, 2026. BofA will acquire as much as 49.9% of Jio Credit through a subscription for equity shares and warrants, representing an investment of about $1.9 billion if fully exercised. The transaction remains subject to applicable regulatory approvals, and Jio Financial Services will retain control of the lending business after completion.