IndusInd Promoter IIHL Mauritius acquires full ownership of Sterling Bank, renames it IIHL Bank & Trust

The full acquisition of Sterling Bank & Trust marks another major step in IIHL’s vision to build a global financial powerhouse(Representative Photo)

IndusInd International Holdings Ltd (IIHL), Mauritius, the promoter of IndusInd Bank, has completed the acquisition of the remaining 49% equity in Sterling Bank, Bahamas, through its wholly owned subsidiary IIHL (Capital), Mauritius. With this, IIHL now holds 100% ownership of the bank, which has been renamed IIHL Bank & Trust Limited.

The Mauritius-based IIHL, with a net worth of $1.26 billion as of August 31, 2025, has investments across the Banking, Financial Services, Securities, and Insurance (BFSI) sectors. It is the promoter of IndusInd Bank, India’s fifth-largest private sector lender, which serves over 42 million customers through 6,100 touchpoints, with a business size exceeding US$86 billion.

In recent months, IIHL has undertaken a series of strategic acquisitions in India to strengthen its position in the BFSI ecosystem. These include the acquisition of Reliance Capital Ltd. and its subsidiaries, Reliance Nippon Life Insurance, Reliance General Insurance, Reliance Health Insurance, and Reliance Securities. Additionally, IIHL has acquired a 60% stake in Invesco Asset Management Company’s India business, which manages assets worth over US$14.5 billion. The transaction is expected to close by the end of October 2025, following regulatory approvals.

The full acquisition of Sterling Bank & Trust marks another major step in IIHL’s vision to build a global financial powerhouse. The company aims to leverage international best practices, digital financial technologies, and cross-border products to expand its global footprint.

Ashok P. Hinduja, Chairman of 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 $50 billion global market capitalisation by 2030 in the BFSI sector.”

B.R.S. Satyanarayana, Managing Director & CEO of the Bank, added, “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.”

The acquisition underscores IIHL’s growing international ambitions and aligns with its strategy of creating a comprehensive, diversified financial group with a strong presence across key global markets.