Mumbai, Oct 7 (BVI): IndusInd International Holdings Ltd (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, according to a company statement.
The acquisition was made through IIHL’s wholly owned subsidiary, IIHL (Capital), Mauritius.
IIHL, a Mauritius-based entity with a net worth of US$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.
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 US$4.3 billion
- Reliance General Insurance Company – a leading non-life insurer, with an AUM of US$2.4 billion
- Reliance Health Insurance
- Reliance Securities
- 60% stake in Invesco Asset Management Company’s India business with an AUM of over US$14.5bn. Regulatory approvals in place & expected closure 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.” (BVI)
