Finance · 2 updates
Bank of America will acquire up to 49.9% stake in Jio Credit, a unit of Jio Financial Services , for as much as 182.68 billion rupees ($1.92 billion), the companies said on Wednesday.The U.S. lender will be a joint venture partner in Jio Financial's non-bank lending arm through a preferential allotment of equity shares and warrants.The transaction initially gives Bank of America a 26.5% stake, which can go up to 49.9% upon exercise of the warrants.The deal is the latest large investment in India's financial services sector, which include Japan's MUFG investment in Shriram Finan