Bank of America arm seeks CCI nod for up to 49.9% in Jio Credit

New Delhi: NB Holdings Corporation, a Bank of America group holding company, has sought competition regulators nod to acquire up to 49.90% of Jio Credit Limited. A summary of proposed transaction noted this involves Jio Credit, a non-banking financial company within the Jio Financial Services group. According to the applicants’ submission, NB Holdings has no direct business operations in India.

“The business activities of the Parties exhibit certain insignificant horizontal overlaps within the loans and lending services sector,” the filing noted.