Bank of America reportedly in talks for 49.9% stake in Jio Financial subsidiary

Bank of America is reportedly looking to acquire a 49.9% stake in a subsidiary of Jio Financial Services for approximately $1.9 billion, according to claims circulating on social media. The claim has not been confirmed through regulatory filings, official press releases, or reporting from major financial news outlets. Transactions involving publicly traded companies and amounts approaching $2 billion typically leave a paper trail well before they hit social media. Bank of America’s existing relationship with Jio Financial has been largely advisory in nature. BofA has provided equity research coverage and facilitated investor conferences related to JFSL, which is a far cry from writing a multi-billion-dollar check for a direct stake. Jio Financial’s empire-building spree The company completed its demerger from Reliance Industries in 2023, giving it independence to pursue partnerships and acquisitions. The Ambani family retains majority control. In June 2025, JFSL acquired SBI’s remaining stake of roughly 17.8% in Jio Payments Bank, bringing it to full ownership. The company also operates a 50:50 joint venture with BlackRock focused on asset management and wealth services. A reinsura...