Bank of America (BofA) has announced it will acquire up to 49.9 per cent stake in Jio Credit Limited (JCL), a subsidiary of Jio Financial Services.

The deal, worth 182.68 billion rupees ($1.9 billion) will see BofA expand its reach in the Indian market which it highlighted as the fastest growing in the world.

JCL’s board of directors will now include equal representation from BofA and Jio Financial Services, with the existing leadership team at JCL remaining in place.

BofA said the deal will bring its global financial expertise to the Indian lender, combined with JCL’s understanding of the Indian market and established digital presence.

As of end June 2026, JCL has built assets under management of more than 306 billion rupees ($3.2 billion). The non-banking financial company (NBFC) is one of India’s fastest growing, having achieved these assets in two years.

Brian Moynihan, chair and chief executive at Bank of America said: “India is one of the world’s most important growth markets, and this investment reflects our confidence in its future, a market we know well and have supported for decades.

“We are excited to become a partner with Jio Financial Services, which has achieved remarkable scale in a short period of time, growing to more than $3 billion in assets under management in just two years.”

BofA is expanding its investments and physical estate, having announced plans to deploy $250 billion for US infrastructure projects over the next 18 months

For India specifically, BofA has maintained strong interest in expanding its investment in the market. In June Vikram Sahu, India chief executive and country executive at BofA, told the Times of India that interest in India remains strong.

This is true of several high-profile financial institutions, which have poured money into the Indian market over the past year.

In October 2025, Abu Dhabi's International Holding Company (IHC) took a 43.5 per cent stake in the NBFC Sammaan Capital for $1 billion and in December 2025, the Japanese megabank Mitsubishi UFJ Financial Group (MUFG) announced plans to invest more than $4 billion in NBFC Shriram Finance for approximately 20 per cent of the firm.

This marked the largest foreign direct investment in India’s financial services sector.

---