Mumbai (Maharashtra) [India] August 12 (ANI): Bank of America Corporation and Jio Financial Services Limited on Wednesday announced a definitive agreement under which the US-based financial services major will acquire up to a 49.9 per cent stake in Jio Credit Limited, the wholly owned NBFC lending subsidiary of Jio Financial Services. The proposed joint venture is aimed at combining Jio Financial Services' digital reach and understanding of the Indian market with Bank of America's global financial services expertise. The board of Jio Credit will have equal representation from Jio Financial Services and Bank of America, while the existing management team will continue to oversee the company's strategy and operations. Commenting on the partnership, Jio Financial Services Chairman Mukesh D. Ambani said, "Our strategic partnership with Bank of America is a pivotal milestone in this mission." The companies said the venture is intended to capitalise on growth opportunities in India's expanding financial services sector.