Bank of America’s wholly owned NB Holdings Corporation is set to acquire a 49.9% stake in Jio Credit, boosting the Indian fintech’s capital and growth prospects amid a strategic partnership focused on expanding digital lending capabilities.
Bank of America’s wholly owned NB Holdings Corporation is set to take a 49.9% stake in Jio Credit, the lending business of Mukesh Ambani’s Jio Financial Services, in a deal valued at ₹18,268.22 crore, or about $1.9 billion. According to Business Standard, the investment will come through a preferential allotment of equity shares and warrants, with an initial 26.5% holding that can rise to the full 49.9% if the warrants are exercised. The transaction still needs regulatory and statutory approvals, while Jio Financial Services will keep the rest of the unit.
The move gives Jio Credit a sizeable capital boost at a relatively early stage in its development. Business Standard reported that the business had built assets under management of ₹30,667 crore, or roughly $3.2 billion, by June 30, 2026, less than two years after launch. The same report said the deal values the company at 2.5 times its net worth of ₹7,259 crore.
Bank of America framed the investment as a way to gain exposure to India’s fast-growing financial services market without entering retail banking outside the United States. In remarks carried by Business Standard, chief executive Brian Moynihan said the bank sees India as one of the world’s most important growth markets and a place it has supported for decades. The bank said the partnership would let it back a local platform with established capabilities while sharing its experience in governance, risk management and technology.
For Jio Financial Services, the tie-up is meant to strengthen lending growth and widen distribution across existing and new products. The company said Jio Credit aims to bridge traditional finance and modern access, and the transaction will give the unit a board with equal representation from both sides, while its current management stays in place and the business remains consolidated in Jio Financial Services’ accounts. Business Standard reported that Ambani described the deal as a combination of Jio’s digital reach and Bank of America’s global standing.
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