Jio Financial shares jump 3% as Bank of America set to acquire 50% stake in Jio Credit for Rs 18,268 crore

Shares of Jio Financial Services gained over 3% to Rs 263 on the BSE on Thursday after the company announced that Bank of America will acquire a 49.9% stake in Jio Credit, a wholly owned non-bank lending arm of the company, in a Rs 18,268 crore joint venture deal.

Under the transaction, the American banking major will initially acquire a 26.5% equity interest in Jio Credit through a preferential allotment of equity shares. Its stake could subsequently rise to 49.9% through the exercise of warrants, subject to regulatory and statutory approvals.

Jio Credit, which began operations just two years ago, reported assets under management (AUM) of Rs 30,667 crore as of June 30, 2026. The digital-first NBFC offers a range of lending products and is looking to expand its presence across India’s credit market.

The proposed joint venture between Jio Financial Services and Bank of America will combine the former’s digital reach and knowledge of the Indian market with the later’s global financial services expertise, the companies said in a press release. “The investment will allow BofA 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,” they added.

Jio Financial’s recent joint ventures

This comes amid a surge in large foreign investments in India’s financial sector. Some of the notable recent deals include Japan’s MUFG investment in Shriram Finance, Dubai-based bank Emirates NBD’s 60% stake purchase in RBL Bank and Sumitomo Mitsui Financial Group’s investment in Yes Bank.

Jio Financial, which debuted on stock markets in 2023 after a demerger from Reliance Industries, operates businesses such as digital lending, payments, insurance broking and asset management services.

The company has recently ramped up forging joint ventures with global firms across a number of its business lines. It offers asset and wealth management services through its joint ventures with BlackRock. The company also entered a joint venture with Germany’s Allianz to offer general and health insurance.Also read | Bank of America to acquire 49.9% in Jio Credit in potential Rs 18,268 crore deal

What Mukesh Ambani said

Speaking about the latest joint venture with Bank of America, RIL Chairman Mukesh Ambani said India’s progress toward becoming Viksit Bharat by 2047 demands a financial ecosystem built on scale, trust, and inclusivity. He noted that the democratization of responsible credit, characterised by lower costs for the customer, absolute transparency, and expanding access to capital as our economy grows, remains central to this journey.

“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,” he added.

Bank of America CEO Brian Moynihan meanwhile said that India is one of the world’s most important growth markets, and this investment reflects the American lender’s confidence in its future, a market they 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,” he added.

“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,” Brian Moynihan further said.

Jio Financial Services share price

Jio Financial Services shares have fallen around 3% in a week but gained more than 6% in a month, although the stock is down more than 13% overall in 2026 so far.

In the longer term, the shares of the company delivered negative returns of 23% in the past one year.

Also read | BofA to invest $1.9 billion for 49.9% stake in Jio Financial NBFC unit

(With inputs from agencies)

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