Bank of America + Jio Credit

Deal

Bank of America (BofA) and Jio Financial Services Limited (JFSL) entered into a Joint Venture Agreement.

BofA may acquire up to 49.9% stake in Jio Credit Limited (JCL).

Transaction value

₹18,268 crore

≈ US$1.9 billion

Initial acquisition

26.5% equity stake

Value: ₹6,612.90 crore

Important

JCL is the wholly owned NBFC lending subsidiary of JFSL.

Governance

• Equal board representation between JFSL and BofA.
• Existing management continues to oversee strategy and operations.

Prelims Numbers

49.9% → maximum proposed stake

26.5% → initial stake

₹18,268 crore → transaction valuation