Bank of America

9 billion or Rs 18,268 crore. Bank of America (BofA) and Jio Financial Services (JFSL) have entered into a joint venture agreement under which BofA will pick up shares through a preferential issue and warrants, according to an exchange filing. The venture will combine JFSL''s digital reach and knowledge of the Indian market with BofA''s global financial services expertise, it said. Executives maintained that this is a financial investment for BofA in a key market and should not be construed as it getting into retail lending. The two-year-old Jio Credit has focused on the small businesses segment and retail borrowers with products like home loans till now.

JCL is among India''s fastest-growing NBFCs, having built assets under management (AUM) of Rs 30,667 crore as of June 30, 2026, within just two years of operations, a joint statement said. Also Read: Empowering Gig Economy: PFRDA Offers Rs 99 Retirement Plan For Gig Workers However, it has yet to enter unsecured lending and consumer finance, which were considered the biggest segments the company would target at launch. The deal further cements Jio''s preference for tying up with global majors for each of its businesses. Previously, it entered into similar partnerships with German company Allianz to sell insurance in India and US-based asset manager BlackRock to foray into the mutual funds business.

56 crore warrants for a consideration of Rs 11,655 crore. Each warrant will be convertible into an equity share within 18 months. 90 per cent of the paid-up equity share capital of Jio Credit.. In a statement, Ambani, the chairman and managing director of JFSL''s parent Reliance Industries, termed this as a "strategic partnership" and added that if India were to get developed as aimed for by 2047, it demands a financial ecosystem built on scale, trust, and inclusivity. "By combining our digital reach with Bank of America''s global pedigree, we will eliminate friction in credit delivery for all Indians, empowering them to chart a prosperous and inclusive path forward for the entire nation," he added.

BofA''s chair and chief executive Brian Moynihan said India is one of the world''s most important growth markets, and this investment reflects its confidence in the country''s future. "By combining Jio Financial Services'' scale, local expertise and customer base with Bank of America''s global reach, digital experience and close to 250 years of leadership in banking, we can help expand access to financial services and support India''s continued economic growth," Moynihan added. BofA operates four branches in India, primarily focusing on the corporate and institutional business and also has investment banking and brokerage arms in the country, where it has been present since 1964.

Ambani has had a long association with BofA, joining the bank''s board in 2011 for two years and was also appointed to its global advisory council later. The transaction is subject to regulatory and statutory approvals, and pursuant to the transaction, JCL''s Board of Directors will have equal representation from both JFSL and BofA, the statement said. The existing management team of JCL will continue driving the strategy and operations at the NBFC, and JCL will continue to be consolidated as a subsidiary in JFSL''s financial reporting, it added.

JFSL stated that the JV marks a third global partnership for the company, after its deal with BlackRock for the mutual fund business, and with Allianz for insurance. Each one of these global giants brings unique multi-decadal financial sector understanding and world-class systems and processes, which sets the foundation for JFSL to lead India''s financial services landscape across multiple categories. Allianz Jio Reinsurance just operationalised and closed the first quarter of operation (Q1 FY27) with gross written premium of Rs 266 crore. The launch of Jio Allianz General Insurance is awaiting regulatory approvals, and a non-binding agreement to explore joint opportunities in the life insurance space is also in place, it said.