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Jio Financial, BlackRock to set up wealth management, broking business in India
Apr-16-2024

Jio Financial Services, BlackRock, Inc and BlackRock Advisors Singapore Pte (Blackrock) have signed an agreement to form a 50:50 joint venture between the Company and Blackrock, for the purpose of undertaking wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India.

This joint venture further strengthens the Company’s relationship with Blackrock, Inc., with whom the Company had announced a 50:50 joint venture on July 26, 2023 to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India.

The launch of the wealth management and broking business is subject to regulatory and statutory approvals.

Jio Financial Services (JFSL) operates its financial services business through its consumer facing subsidiaries namely Jio Finance (JFL), Jio Insurance Broking (JIBL) and Jio Payment Solutions (JPSL) and joint venture namely Jio Payments Bank (JPBL).

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