{
  "id": 680400,
  "title": "Bank Of America To Buy 49.9% Stake In Jio Financial Services’ NBFC Arm For $1.9 Bn",
  "url": "https://urgent.news/2026/08/12/bank-of-america-to-buy-49-9-stake-in-jio-financial-services-nbfc-arm",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-12T16:26:32.000Z",
  "source": {
    "name": "Inc42",
    "slug": "inc42",
    "url": "https://inc42.com/buzz/bank-of-america-to-buy-49-9-stake-in-jio-financial-services-nbfc-arm-for-1-9-bn/"
  },
  "original_language": "en",
  "account": "Bank of America's subsidiary NB Holdings Corporation has signed a definitive joint venture agreement with Jio Financial Services (JFS) to invest up to $1.9 billion in JFS's NBFC subsidiary, Jio Credit. Upon regulatory approval, the transaction will grant Bank of America up to a 49.9% stake in Jio Credit. Initially, NB Holdings will acquire a 26.5% stake via preferential allotment of equity shares for ₹6,612.9 crore. Additionally, it will receive up to 7.56 crore convertible warrants worth ₹11,655.3 crore, which can be converted into equity within 18 months, raising its total equity holding in Jio Credit to 49.9%. Jio Credit's management team will continue to lead operations and strategy, while both Bank of America and JFS will have equal board representation. Bank of America CEO and Chairperson, Brian Moynahan, stated that this partnership will leverage JFS's scale, local expertise, and customer base with Bank of America's global reach, digital experience, and 250 years of banking leadership. The deal is part of JFS's strategy to partner with multinational players to expand its fintech verticals, such as its recent joint ventures with BlackRock and Allianz Group. JFS's net profit more than doubled YoY to ₹830.3 crore in Q1 FY27, with operating revenue crossing ₹2,000 crore. Its NBFC arm saw gross disbursements increase by 173% YoY to ₹11,252 crore, gross assets under management jump 163% to ₹30,667 crore, and borrowings expand 227% to ₹28,120 crore.",
  "summary": "Bank of America’s wholly-owned subsidiary NB Holdings Corporation has signed a definitive joint venture (JV) agreement with Jio Financial Services…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}