IndusInd International Holdings Limited (IIHL), Mauritius, the promoter of India’s fifth-largest private sector bank IndusInd Bank, has now completed the acquisition of 100% stake in Sterling Bank, Bahamas.
It had in September 2022 bought a 51% stake in the Bahamas bank 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 currently serves over 42 million customers through a nationwide network of over 6,100 touchpoints, with a business size exceeding $86 billion.
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 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 assets under management (AUM) of $2.4 billion
*Reliance Health Insurance and Reliance Securities as well as
*60% stake in Invesco Asset Management Company’s India business with an AUM of over $14.5 billion.
According to IIHL, regulatory approvals are in place with expected closure likely by the end of October 2025.
The acquisition of Sterling Bank & Trust Limited 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.
On the strategic development, 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," he stated.
BRS 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."
IIHL has a significantly large shareholding from the UAE residents out of it 600 globally dispersed HNWI stakeholders. IIHL promoted IndusInd Bank also has a representative presence in the UAE.-TradeArabia News Service