One by one, Mukesh Ambani is strengthening financial services play with tie ups with global giants
Jio Financial Services (JFS) and Bank of America (BofA) announced a definitive agreement, under which the US banking giant would pick up 49.9 per cent interest and become a joint venture partner in JFS’ non-banking financial subsidiary Jio Credit Limited.
- Aug 13, 2026,
- Updated Aug 13, 2026 5:33 PM IST
It was BlackRock in 2023, Allianz in 2025 and now Bank of America in 2026. Mukesh Ambani is rapidly gaining muscle in India’s vast and rapidly growing financial services industry through partnerships with titans of global finance. Late on Wednesday, August 12, Jio Financial Services (JFS) and Bank of America (BofA) announced a definitive agreement, under which the US banking giant would pick up 49.9 per cent interest and become a joint venture partner in JFS’ non-banking financial subsidiary Jio Credit Limited. Bank of America’s investment, including the equity shares and warrants (if fully subscribed), would be to the tune of $1.9 billion (Rs 18,268 crore). JFS demerged from Reliance Industries in July 2023. That same year, JFS announced a partnership with BlackRock, the largest asset manager in the world with more than $15 trillion in assets under management. That joint venture agreement, where both JFS and BlackRock targeted an initial investment of $150 million each, saw them set up a mutual fund business in India. The partnership between the two also separately spans broking and wealth management. The asset management business has been growing steadily, with assets under management (AUM) touching Rs 18,412 crore in the quarter ended June 2026. In July 2025, JFS and European insurance major Allianz announced binding agreement to form a 50:50 reinsurance JV. In April 2026, JFS and Allianz announced a 50:50 primary insurance JV that would cover general and health insurance. With the asset management and insurance piece in place, JFS is now looking to bolster its lending business. According to JFS, Jio Credit (JCL) is already among the fastest growing NBFCs having garnered AUM of Rs 30,667 crore in just two years of operations, as of June 30, 2026. The investment in JCL will allow BofA to expand its participation in India, which remains the fastest growing large economy in the world. India’s NBFC space is dominated by several large and well entrenched players such as Bajaj Finance, Shriram Finance, L&T Finance, Tata Capital, Cholamandalam Investment and Mahindra Finance. This deal between JCL and BoFA helps combine local expertise and customer base of JFS and BofA’s global reach, digital experience and banking leadership. For JCL, this deal secures long-term capital for sustainable loan growth. But, beyond that, the collaboration also provides access to BofA’s expertise in financial services, governance, risk management, and technology. Reliance Industries chairman Mukesh Ambani stated that JFS was committed to make finance more seamless and simpler, leveraging new technology and anchored in the highest standards of governance, and the deal with BofA was a pivotal step in that direction. “By combining our digital reach with Bank of America’s global pedigree, we will eliminate friction in credit delivery for all Indians, empowering them to chart a prosperous and inclusive path forward for the entire nation,” he said. Analysts are bullish on this deal. “The capital infusion provides substantial balance sheet headroom for JCL to scale up its lending franchise. The partnership with BofA also adds a strategic value through potential access to global expertise across risk management, technology and product development while strengthening JCL’s competitive positioning in the Indian financial services market,” according to analysts at Motilal Oswal Financial Services. In the April-June quarter, JCL gross AUM surged 163 per cent, while disbursements rose 173 per cent. The profit after tax also more than doubled to Rs 96 crore from Rs 45 crore year-on-year, while net interest income was up 118 per cent to Rs 257 crore from Rs 118 crore. “We expect earnings momentum to strengthen every year for JCL, driven by a disciplined scale-up of business and a strong focus on profitability,” the Motilal Oswal analysts said.
They are expecting JCL's AUM to grow at a 85 per cent CAGR between FY2026-FY2028. Profit after tax is seen growing at a CAGR of 145 per cent over the same period.
It was BlackRock in 2023, Allianz in 2025 and now Bank of America in 2026. Mukesh Ambani is rapidly gaining muscle in India’s vast and rapidly growing financial services industry through partnerships with titans of global finance. Late on Wednesday, August 12, Jio Financial Services (JFS) and Bank of America (BofA) announced a definitive agreement, under which the US banking giant would pick up 49.9 per cent interest and become a joint venture partner in JFS’ non-banking financial subsidiary Jio Credit Limited. Bank of America’s investment, including the equity shares and warrants (if fully subscribed), would be to the tune of $1.9 billion (Rs 18,268 crore). JFS demerged from Reliance Industries in July 2023. That same year, JFS announced a partnership with BlackRock, the largest asset manager in the world with more than $15 trillion in assets under management. That joint venture agreement, where both JFS and BlackRock targeted an initial investment of $150 million each, saw them set up a mutual fund business in India. The partnership between the two also separately spans broking and wealth management. The asset management business has been growing steadily, with assets under management (AUM) touching Rs 18,412 crore in the quarter ended June 2026. In July 2025, JFS and European insurance major Allianz announced binding agreement to form a 50:50 reinsurance JV. In April 2026, JFS and Allianz announced a 50:50 primary insurance JV that would cover general and health insurance. With the asset management and insurance piece in place, JFS is now looking to bolster its lending business. According to JFS, Jio Credit (JCL) is already among the fastest growing NBFCs having garnered AUM of Rs 30,667 crore in just two years of operations, as of June 30, 2026. The investment in JCL will allow BofA to expand its participation in India, which remains the fastest growing large economy in the world. India’s NBFC space is dominated by several large and well entrenched players such as Bajaj Finance, Shriram Finance, L&T Finance, Tata Capital, Cholamandalam Investment and Mahindra Finance. This deal between JCL and BoFA helps combine local expertise and customer base of JFS and BofA’s global reach, digital experience and banking leadership. For JCL, this deal secures long-term capital for sustainable loan growth. But, beyond that, the collaboration also provides access to BofA’s expertise in financial services, governance, risk management, and technology. Reliance Industries chairman Mukesh Ambani stated that JFS was committed to make finance more seamless and simpler, leveraging new technology and anchored in the highest standards of governance, and the deal with BofA was a pivotal step in that direction. “By combining our digital reach with Bank of America’s global pedigree, we will eliminate friction in credit delivery for all Indians, empowering them to chart a prosperous and inclusive path forward for the entire nation,” he said. Analysts are bullish on this deal. “The capital infusion provides substantial balance sheet headroom for JCL to scale up its lending franchise. The partnership with BofA also adds a strategic value through potential access to global expertise across risk management, technology and product development while strengthening JCL’s competitive positioning in the Indian financial services market,” according to analysts at Motilal Oswal Financial Services. In the April-June quarter, JCL gross AUM surged 163 per cent, while disbursements rose 173 per cent. The profit after tax also more than doubled to Rs 96 crore from Rs 45 crore year-on-year, while net interest income was up 118 per cent to Rs 257 crore from Rs 118 crore. “We expect earnings momentum to strengthen every year for JCL, driven by a disciplined scale-up of business and a strong focus on profitability,” the Motilal Oswal analysts said.
They are expecting JCL's AUM to grow at a 85 per cent CAGR between FY2026-FY2028. Profit after tax is seen growing at a CAGR of 145 per cent over the same period.