Bank of America has signed a definitive agreement to acquire up to 49.9% of Jio Credit Limited (JCL), a lending subsidiary of Jio Financial Services Limited, for approximately $1.9 billion. The investment will be made through a preferential allotment of equity shares and warrants, initially giving Bank of America a 26.5% stake. JCL has built assets under management of approximately $3.2 billion within two years of operations. The joint venture aims to combine JFSL's digital reach and knowledge of the Indian market with Bank of America's global financial services expertise. The partnership will have equal board representation from both companies. JCL's existing management team will continue driving strategy and operations, and the subsidiary will remain consolidated in JFSL's financial reporting. The transaction is subject to regulatory and statutory approvals.

Bank of America Corporation will invest up to ₹18,268 crore in Jio Credit Limited, the wholly-owned subsidiary of Jio Financial Services. The investment, structured as a preferential allotment of equity shares and warrants, values the deal at up to ₹18,268.22 crore. BofA will initially acquire 4.3 crore equity shares worth approximately ₹6,613 crore. It will also receive 7.6 crore warrants for up to ₹11,655 crore, convertible into equity within 18 months. The partnership aims to combine Jio Financial Services' digital reach with Bank of America's global expertise. Jio Credit Limited operates as one of India's fastest-growing non-banking financial companies with approximately ₹30,667 crore in assets under management as of June 2026.

Bank of America launched a $250 billion initiative to finance US infrastructure development over 18 months, ending 4 July 2027. The Critical Infrastructure Finance Initiative will focus on digital infrastructure, including data centres and semiconductors; energy and power infrastructure, covering conventional and renewable generation; and core infrastructure, such as transportation and water systems. Progress will be tracked through qualifying primary-market transactions, including lending, investing, capital markets activity, and advisory work, from 1 January 2026 through 4 July 2027. The bank's Global Capital Solutions and Global Infrastructure and Sustainable Finance teams will oversee the effort across all eight business lines. Bank of America said the initiative could generate tens of thousands of jobs in construction, manufacturing, technology, and infrastructure sectors.