CHARLOTTE (dpa-AFX) - Bank of America Corp. (BAC) Wednesday said it has entered into a joint venture agreement with Jio Financial Services Ltd. to acquire up to 49.9% of Jio Credit Ltd., marking a major push into India's fast-growing lending market.
The investment, including equity shares and warrants if fully subscribed, totals INR 18,268 crore or about $1.9 billion. The transaction initially gives Bank of America a 26.5% equity interest, rising to 49.9% upon exercise of warrants, subject to regulatory approvals.
Jio Credit, one of India's fastest-growing non-bank financial companies, has built assets under management of INR 30,667 crore or $3.2 billion in just two years. The venture will combine Jio's digital reach and local expertise with Bank of America's global financial services capabilities.
Under the deal, Jio Credit's board will have equal representation from both partners, while its existing management team will continue to drive operations.
On the NYSE, shares of BofA are currently gaining 1.05 percent, changing hands at $64.68.
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