August 12, 2026 at 11:17 AM Eastern
Bank of America Enters into a Joint Venture Agreement with Jio Financial Services Limited to Acquire up to 49.9% in Jio Credit Limited
MUMBAI and NEW YORK, New York - Jio Financial Services Limited (J F S L) and Bank of America Corporation (B of A) today announced that they have signed a definitive agreement whereby B of A will acquire up to a total of forty nine point nine percent interest as a joint venture partner in J F S Ls wholly-owned N B F C (non-bank financial company) lending subsidiary, Jio Credit Limited (J C L) through a preferential allotment of equity shares and warrants.
The venture will combine J F S L’s digital reach and knowledge of the Indian market with B of A’s global financial services expertise. Both companies share the common vision of improving clients’ financial lives through state-of-the-art digital access, innovation, access to credit and strong risk management.
Jio Credit Limited (J C L) is among India’s fastest growing N B F Cs, having built assets under management (A U M) of thirty thousand six hundred sixty seven crore (~three point two billion U S Dollars) as of June 30, 2026, within just two years of operations. The digital-first lender is focused on bridging the gap between traditional finance and modern accessibility through its diverse suite of lending products, with ambitions to responsibly continue its growth trajectory by providing borrowing opportunities across existing and new products within India.
The investment will allow B of A to expand its participation in the rapidly growing Indian market, the world’s fastest growing major economy at double the global growth rate, while doing so with a partner that has local expertise and differentiated capabilities.
As India’s financial sector expands alongside the nation’s robust economic growth, the partnership positions the venture to capitalize on emerging growth opportunities in the industry. Beyond securing long-term capital for sustainable loan growth, the collaboration provides the venture with access to B of A’s expertise related to financial services, governance, risk management, and technology.
Pursuant to the transaction, Jio Credit Limited’s (J C L) Board of Directors will have equal representation from both J F S L and B of A. The existing management team of J C L will continue driving the strategy and operations at the N B F C and J C L will continue to be consolidated as a subsidiary in J F S Ls financial reporting.
Commenting on the proposed partnership, Mukesh D. Ambani said: "Our country’s progress toward becoming Viksit Bharat by 2047 demands a financial ecosystem built on scale, trust, and inclusivity. Central to this journey is the democratization of responsible credit — characterised by lower costs for the customer, absolute transparency, and expanding access to capital as our economy grows.
Jio Financial Services is committed to making finance more seamless and simpler for Indians than ever before, leveraging new technology and anchored in the highest standards of governance. Our strategic partnership with Bank of America is a pivotal milestone in this mission. 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.”
Brian Moynihan, Chair and Chief Executive Officer, 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 three billion dollars in assets under management in just two years.
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.”
Jio Credit Limited (J C L, formerly known as Jio Finance Limited), a wholly owned subsidiary of Jio Financial Services Limited, is a digital-native N B F C redefining India’s lending landscape. J C L bridges the gap between traditional finance and modern accessibility through a full spectrum of secured credit — from Retail assets like Mortgages and Loans Against Securities to Commercial and Supply Chain Finance. By anchoring its diverse portfolio in advanced risk frameworks, J C L delivers resilient, high-quality growth for both individuals and enterprises.
Jio Financial Services Limited (J F S L) is a Core Investment Company (C I C) registered with the Reserve Bank of India. As a new-age institution, J F S L operates a full-stack financial services ecosystem through customer-facing subsidiaries, including Jio Credit Limited, Jio Insurance Broking Limited, Jio Payment Solutions Limited, Jio Leasing Services Limited, Jio Finance Platform and Service Limited, and Jio Payments Bank Limited.
Through a fifty fifty joint venture with BlackRock, J F S L offers Mutual Funds and S I Fs in India through Jio BlackRock Asset Management Private Limited; and wealth management through Jio BlackRock Investment Advisers Private Limited. The J V with BlackRock also proposes to offer broking services through Jio BlackRock Broking Private Limited.
J F S L has entered into fifty fifty joint ventures with the Allianz Group, establishing Allianz Jio Reinsurance Limited for reinsurance services and Jio Allianz General Insurance Limited for general and health insurance in India. Additionally, they have signed a non-binding agreement to explore future opportunities in life insurance.
With a digital-first model, J F S L is committed to enhancing the financial well-being of Indian citizens by enabling them to borrow, transact, save, and invest seamlessly. Through the JioFinance app, customers can access a wide range of solutions including loans, savings accounts, investment products and solutions, U P I, bill payments, recharges, digital insurance, financial tracking and management tools, and more.
For more updates, please visit the JFSL website | Follow J F S L on Instagram: @OfficialJioFinance | X: @JioFinance1 | Facebook: @JioFinance | LinkedIn: @Jio Financial Services Limited | Download the JioFinance app
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving more than 69 million clients with approximately 3,500 retail financial centers, approximately A T Ms (automated teller machines) and award-winning digital banking with approximately 60 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (F D I C), Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries and/or jurisdictions. Bank of America Corporation stock (N Y S E B A C) is listed on the New York Stock Exchange.
Certain statements contained in this news release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the current expectations, plans or forecasts of Bank of America based on available information. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like “expects,” “anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,” “predicts,” “goal” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
Forward-looking statements represent Bank of America’s current expectations, plans or forecasts of its future results, revenues, expenses, dividends, efficiency ratio, capital measures, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of its future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any forward-looking statements due to a variety of factors. You should not place undue reliance on any forward-looking statement and should consider all of the precautionary statements, uncertainties and risks discussed in Bank of America’s filings with the Securities and Exchange Commission (S E C), including under Item one A. “Risk Factors” of Bank of America’s Annual Report on Form ten K for the year ended December 31, 2025, and in any of Bank of America’s other subsequent S E C filings.
This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The companies referred to in this presentation cannot guarantee that these assumptions and expectations are accurate or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. These companies assume no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise.
Aveek Datta, Jio Financial Services Limited
aveek.datta@jfs.in
Shruti Singh, Jio Financial Services Limited
shruti.singh@jfs.in
Linus Chettiar, Bank of America
Phone: nine one nine eight two zero zero three seven seven six five
linus.chettiar@bofa.com
Jocelyn Seidenfeld, Bank of America
Phone: one six four six seven four three three three five six
jocelyn.seidenfeld@bofa.com
[1] Assuming FX conversion rate of one U S Dollar = I N R ninety six
August 12, 2026 at 11:17 AM Eastern
Bank of America Enters into a Joint Venture Agreement with Jio Financial Services Limited to Acquire up to 49.9% in Jio Credit Limited
MUMBAI and NEW YORK, New York - Jio Financial Services Limited (J F S L) and Bank of America Corporation (B of A) today announced that they have signed a definitive agreement whereby B of A will acquire up to a total of forty nine point nine percent interest as a joint venture partner in J F S Ls wholly-owned N B F C (non-bank financial company) lending subsidiary, Jio Credit Limited (J C L) through a preferential allotment of equity shares and warrants.
The venture will combine J F S L’s digital reach and knowledge of the Indian market with B of A’s global financial services expertise. Both companies share the common vision of improving clients’ financial lives through state-of-the-art digital access, innovation, access to credit and strong risk management.
Jio Credit Limited (J C L) is among India’s fastest growing N B F Cs, having built assets under management (A U M) of thirty thousand six hundred sixty seven crore (~three point two billion U S Dollars) as of June 30, 2026, within just two years of operations. The digital-first lender is focused on bridging the gap between traditional finance and modern accessibility through its diverse suite of lending products, with ambitions to responsibly continue its growth trajectory by providing borrowing opportunities across existing and new products within India.
The investment will allow B of A to expand its participation in the rapidly growing Indian market, the world’s fastest growing major economy at double the global growth rate, while doing so with a partner that has local expertise and differentiated capabilities.
As India’s financial sector expands alongside the nation’s robust economic growth, the partnership positions the venture to capitalize on emerging growth opportunities in the industry. Beyond securing long-term capital for sustainable loan growth, the collaboration provides the venture with access to B of A’s expertise related to financial services, governance, risk management, and technology.
Pursuant to the transaction, Jio Credit Limited’s (J C L) Board of Directors will have equal representation from both J F S L and B of A. The existing management team of J C L will continue driving the strategy and operations at the N B F C and J C L will continue to be consolidated as a subsidiary in J F S Ls financial reporting.
Commenting on the proposed partnership, Mukesh D. Ambani said: "Our country’s progress toward becoming Viksit Bharat by 2047 demands a financial ecosystem built on scale, trust, and inclusivity. Central to this journey is the democratization of responsible credit — characterised by lower costs for the customer, absolute transparency, and expanding access to capital as our economy grows.
Jio Financial Services is committed to making finance more seamless and simpler for Indians than ever before, leveraging new technology and anchored in the highest standards of governance. Our strategic partnership with Bank of America is a pivotal milestone in this mission. 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.”
Brian Moynihan, Chair and Chief Executive Officer, 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 three billion dollars in assets under management in just two years.
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.”
Jio Credit Limited (J C L, formerly known as Jio Finance Limited), a wholly owned subsidiary of Jio Financial Services Limited, is a digital-native N B F C redefining India’s lending landscape. J C L bridges the gap between traditional finance and modern accessibility through a full spectrum of secured credit — from Retail assets like Mortgages and Loans Against Securities to Commercial and Supply Chain Finance. By anchoring its diverse portfolio in advanced risk frameworks, J C L delivers resilient, high-quality growth for both individuals and enterprises.
Jio Financial Services Limited (J F S L) is a Core Investment Company (C I C) registered with the Reserve Bank of India. As a new-age institution, J F S L operates a full-stack financial services ecosystem through customer-facing subsidiaries, including Jio Credit Limited, Jio Insurance Broking Limited, Jio Payment Solutions Limited, Jio Leasing Services Limited, Jio Finance Platform and Service Limited, and Jio Payments Bank Limited.
Through a fifty fifty joint venture with BlackRock, J F S L offers Mutual Funds and S I Fs in India through Jio BlackRock Asset Management Private Limited; and wealth management through Jio BlackRock Investment Advisers Private Limited. The J V with BlackRock also proposes to offer broking services through Jio BlackRock Broking Private Limited.
J F S L has entered into fifty fifty joint ventures with the Allianz Group, establishing Allianz Jio Reinsurance Limited for reinsurance services and Jio Allianz General Insurance Limited for general and health insurance in India. Additionally, they have signed a non-binding agreement to explore future opportunities in life insurance.
With a digital-first model, J F S L is committed to enhancing the financial well-being of Indian citizens by enabling them to borrow, transact, save, and invest seamlessly. Through the JioFinance app, customers can access a wide range of solutions including loans, savings accounts, investment products and solutions, U P I, bill payments, recharges, digital insurance, financial tracking and management tools, and more.
For more updates, please visit the JFSL website | Follow J F S L on Instagram: @OfficialJioFinance | X: @JioFinance1 | Facebook: @JioFinance | LinkedIn: @Jio Financial Services Limited | Download the JioFinance app
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving more than 69 million clients with approximately 3,500 retail financial centers, approximately A T Ms (automated teller machines) and award-winning digital banking with approximately 60 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (F D I C), Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries and/or jurisdictions. Bank of America Corporation stock (N Y S E B A C) is listed on the New York Stock Exchange.
Certain statements contained in this news release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the current expectations, plans or forecasts of Bank of America based on available information. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like “expects,” “anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,” “predicts,” “goal” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
Forward-looking statements represent Bank of America’s current expectations, plans or forecasts of its future results, revenues, expenses, dividends, efficiency ratio, capital measures, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of its future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any forward-looking statements due to a variety of factors. You should not place undue reliance on any forward-looking statement and should consider all of the precautionary statements, uncertainties and risks discussed in Bank of America’s filings with the Securities and Exchange Commission (S E C), including under Item one A. “Risk Factors” of Bank of America’s Annual Report on Form ten K for the year ended December 31, 2025, and in any of Bank of America’s other subsequent S E C filings.
This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The companies referred to in this presentation cannot guarantee that these assumptions and expectations are accurate or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. These companies assume no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise.
Aveek Datta, Jio Financial Services Limited
aveek.datta@jfs.in
Shruti Singh, Jio Financial Services Limited
shruti.singh@jfs.in
Linus Chettiar, Bank of America
Phone: nine one nine eight two zero zero three seven seven six five
linus.chettiar@bofa.com
Jocelyn Seidenfeld, Bank of America
Phone: one six four six seven four three three three five six
jocelyn.seidenfeld@bofa.com
[1] Assuming FX conversion rate of one U S Dollar = I N R ninety six
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