Bank of America (BofA) has reached an agreement to acquire a 49.9% stake in India's Jio Credit for $1.9 billion. This was reported by Qazaqyia.kz citing Reuters.
This move is part of BofA's strategy to expand its financial services in the Indian market. Jio Credit is the financial arm of Reliance Jio, a major Indian telecom operator, offering credit and financial services.
The deal will allow BofA to increase its share in India's rapidly growing digital finance market. This investment is seen as a key part of the company's expansion plans in Asia.
According to Reuters, this agreement will be one of BofA's largest investments in India. Upon completion, BofA will become a strategic partner of Jio Credit.
Financial analysts view this step as significant for BofA, aimed at boosting its presence in emerging markets. Jio Credit's digital platform and customer base will give BofA access to a wide range of consumers in India.
The deal was announced in August 2026 and is expected to close after regulatory approvals. This investment will enhance BofA's competitiveness in India's financial services market.