Bank of America Corporation and Jio Financial Services Limited (JFSL) announced a definitive agreement for Bank of America to acquire up to a 49.9% stake in Jio Credit Limited (JCL), JFSL's wholly-owned non-bank financial company lending subsidiary, through a preferential allotment of equity shares and warrants.

The investment, including equity shares and warrants, is valued at approximately ₹18,268 crore (~$1.9 billion USD). Under the terms of the agreement, JCL's board of directors will have equal representation from both JFSL and Bank of America. The existing management team of JCL will continue to oversee strategy and operations, and JCL will remain consolidated as a subsidiary in JFSL's financial reporting.

JCL, formerly known as Jio Finance Limited, reported assets under management of ₹30,667 crore (~$3.2 billion USD) as of June 30, 2026, within two years of operations. The company offers secured credit products including mortgages, loans against securities, and commercial and supply chain finance.

Brian Moynihan, Chair and Chief Executive Officer of Bank of America, said the investment reflects the bank's confidence in India as a growth market, noting JCL's growth to more than $3 billion in assets under management in two years.

JFSL is a Core Investment Company registered with the Reserve Bank of India and operates financial services subsidiaries spanning lending, insurance, payments, and leasing. It also maintains a 50:50 joint venture with BlackRock for mutual funds and wealth management in India, and separate joint ventures with Allianz Group for reinsurance and general insurance.