BofA to take 49.9% stake in Jio Credit for $1.9 billion in India push

Bank of America will acquire as much as a 49.9% stake in the non-bank lending arm of Jio Financial Services in a 182.68 billion rupee ($1.92 billion) deal, as the U.S. lender expands its presence in India's fast-growing financial sector.

The deal extends a recent run of large foreign investments in Indian banks and non-bank lenders, which are seeing a strong demand for credit and low loan delinquency rates.

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 listed in 2023 after a demerger from Indian billionaire Mukesh Ambani's Reliance Industries, operates businesses such as digital lending, payments, insurance broking and asset management services.