Ashok P. Hinduja | Photocredit:
Indusind International Holdings Ltd (IIHL), Mauritius, has completed the full acquisition of Sterling Bank in Bahamas by gaining the remaining 49 percent equity, said a statement on Monday.
With the acquisition, Sterling Bank has become a complete entity of Hinduja Group company IIHL Mauritius, also the promoter of Indusind Bank. IIHL Mauritius had acquired a check of 51 percent interest in Sterling Bank in September 2022.
The acquisition was made via IIHL’s entire subsidiary, IIHL (Capital), Mauritius, the company said in a statement.
Part of the global BFSI extension plan of IIHL
IIHL, an entity -based entity with a net value of USD of 1.26 billion from 31 August 2025, has a diversified investment portfolio in the bank, financial services, securities and insurance (BFSI) sectors. It is also the promoter of Indusind Bank, the fourth largest bank of the private sector, which serves more than 42 million customers through a national network of more than 6,100 contact points, with a company size of more than USD 86 billion.
The acquisition of Sterling Bank & Trust LTD is part of the wider strategy of IIHL to evolve into a global financial powerhouse in the BFSI sector, it said.
New identity: Sterling Bank to be renamed IIHL Bank & Trust
In accordance with this vision, the Sterling Bank will be renamed ‘IIHL Bank & Trust Ltd, said it.
IIHL Mauritius also aims to introduce advanced financial technologies and international market products to better serve its customers, said it.
Hinduja Group Eyes $ 50 BN Global Market Cap by 2030
IIHL Mauritius chairman Ashok P. Hinduja, which enables the acquisition IIHL, said to expand worldwide, which allows our decades of experience to be combined 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 reach our target of a USD50 billion global market capitalization in the BFSI sector,” he said.
BRS Satyanarayana, director and CEO of the bank, said: “This milestone will ensure sustainable growth and long-term stability for IIHL Bank & Trust Ltd. We look forward to bringing more value and improved services to our customers under the IIHL banner.
Recent acquisitions include Reliance Capital, Invesco AMC Stake
In recent months, IIHL has undertaken a series of strategic, value-accretative acquisitions in India to expand and complete its para-bancaire suite in the BFSI room, it said. These include the acquisitions of 100 percent of Reliance Capital, together with its most important subsidiaries/employees in insurance and effects, it said.
Reliance Nippon Life Insurance, a joint venture with the life of Nippon, managing assets of USD 4.3 billion, Reliance General Insurance Company, a non-life insurer, with an AUM of USD 2.4 billion, Reliance disease insurance, Reliance Securities are now among other things.
In addition, 60 percent interest in the India activities of Invesco Asset Management Company will soon be in fold of IIHL with an AUM of USD 14.5 billion, it said.
Regulatory approvals in force and expected closure by the end of October 2025, it added.
Published on October 6, 2025
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