IndusInd promoter IIHL Mauritius acquires full ownership of Bahamas-based Sterling Bank

IndusInd International Holdings Ltd (IIHL), Mauritius, the promoter of IndusInd Bank, announced that it has acquired a 100% stake in Bahamas-based Sterling Bank.

The acquisition was completed through IIHL’s wholly owned subsidiary, IIHL (Capital), Mauritius in two phases. In September 2022, IIHL acquired a 51% stake in the bank and now purchased the remaining 49% equity.

With IIHL now holding full ownership, the bank has been renamed IIHL Bank & Trust Limited, according to a company statement.

IIHL financials

The Mauritius-based entity 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, that is serving 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 completed a series of acquisitions in India to strengthen its position in the BFSI space. 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 $14.5 billion. Regulatory approvals in place and the transaction is expected to be closed by the end of October 2025, the press release noted.

What does the acquisition mean for the company?

The acquisition of Sterling Bank & Trust marks a major step in IIHL’s broader strategy to evolve into a global financial powerhouse. The company also aims to introduce digital financial technologies and International products to better serve its customers.

Speaking on the development, 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.”

BRS 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.”