IndusInd International Holdings (IIHL), Mauritius, which had previously acquired a 51% stake in the Sterling Bank, Bahamas, in September 2022, has now completed the acquisition of the remaining 49% equity. The acquisition was made through IIHL’s wholly owned subsidiary, IIHL (Capital), Mauritius.
IIHL, a Mauritius-based entity with a net worth of $1.26 billion as of August 31, 2025, has a diversified investment portfolio across the Banking, Financial Services, Securities, and Insurance (BFSI) sectors. IIHL is the promoter of IndusInd Bank Limited, India’s fifth-largest private sector bank, serving over 42 million customers through a nationwide network of over 6,100 touchpoints, with a business size exceeding US$86 billion.
The acquisition of Sterling Bank & Trust forms part of IIHL’s broader strategy to evolve into a global financial powerhouse within the BFSI sector. In line with this vision, the Sterling Bank will be renamed “IIHL Bank & Trust Limited.” IIHL Mauritius also aims to introduce advanced financial technologies and international market products to better serve its customers.
Ashok P. Hinduja, Chairman, IIHL, Mauritius, said, “This acquisition enables IIHL to expand globally, combining our decades of experience with global best practices. It strengthens our ability to deliver long-term value to our shareholders and customers. Together with our recent acquisitions, this positions us well to achieve our target of a US$50 billion global market capitalisation by 2030 in the BFSI sector.”
B.R.S. Satyanarayana, Managing Director & CEO of the Bank, said, “This milestone will ensure long-term sustainable growth and stability for IIHL Bank & Trust Limited. We look forward to bringing greater value and enhanced services to our clients under the IIHL banner.”
In recent months, IIHL has undertaken a series of strategic, value-accretive acquisitions in India to expand and complete its para-banking suite within the BFSI space.
These include the acquisitions of
- 100% of Reliance Capital Ltd., along with its key subsidiaries/associates in insurance and securities:
- Reliance Nippon Life Insurance – a joint venture with Nippon Life, managing assets of $4.3 billion
- Reliance General Insurance Company – a leading non-life insurer, with an AUM of $2.4 billion
- Reliance Health Insurance
- Reliance Securities
- 60% stake in Invesco Asset Management Company’s India business with an AUM of over $14.5 billion. Regulatory approvals in place & expected closure by the end of October 2025.
