Brendan McDermid | ReutersBank of America will invest up to $1.92 billion for a 49.9% stake in Jio Credit, a unit of Jio Financial Services, 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 investment in Shriram Finance and Dubai-based bank Emirates NBD's 60% stake in lender RBL Bank."The investment will allow BofA to expand its participation in the rapidly growing Indian market ... while doing so with a partner that has local expertise," the companies said in a statement.
Bank of America to invest $1.9 billion for 49.9% stake in Jio Financial NBFC unit
Full Article
Original Source
Read the full article at Cnbc →KhanList aggregates and links to publicly available news content. We do not host full articles from third-party sources. Always verify important information with original sources.