Bank of America Enters into a Joint Venture Agreement with Jio Financial Services Limited to Acquire up to 49.9% in Jio Credit Limited

Bank of America Enters into a Joint Venture Agreement with Jio Financial Services Limited to Acquire up to 49.9% in Jio Credit Limited

* Bank of America's investment, including the equity shares and warrants (if fully subscribed), would be ₹18,268 crore (~$1.9 billion USD([1])). * Jio Credit receives further capital to support its growth in India and expertise of a global financial services firm. * The investment supports Bank of America's commitment to its global franchise with a strong local partner in India. MUMBAI, India and NEW YORK, Aug. 12, 2026 /PRNewswire/ -- Jio Financial Services Limited (JFSL) and Bank of America Corporation (BofA) today announced that they have signed a definitive agreement whereby BofA will acquire up to a total of 49.9% interest as a joint venture partner in JFSL's wholly-owned NBFC (non-bank financial company) lending subsidiary, Jio Credit Limited (JCL) through a preferential allotment of equity shares and warrants.