Hinduja Group firm IIHL Mauritius acquires 100% stake in Bahamas-based Sterling Bank

New Delhi, Oct 6 (PTI) IndusInd International Holdings Ltd (IIHL), Mauritius, has completed the full acquisition of Bahamas-based Sterling Bank by acquiring the remaining 49 per cent equity, a statement said on Monday.

With the acquisition, Sterling Bank has become a wholly-owned entity of Hinduja Group firm IIHL Mauritius, which is also the promoter of IndusInd Bank. IIHL Mauritius had acquired a controlling 51 per cent stake in Sterling Bank in September 2022.

The acquisition was made through IIHL's wholly owned subsidiary, IIHL (Capital), Mauritius, the company said in a statement.

IIHL, a Mauritius-based entity with a net worth of USD 1.26 billion as of August 31, 2025, has a diversified investment portfolio across the Banking, Financial Services, Securities, and Insurance (BFSI) sectors. It is also the promoter of IndusInd Bank, 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 USD 86 billion.

The acquisition of Sterling Bank & Trust Ltd forms part of IIHL's broader strategy to evolve into a global financial powerhouse within the BFSI sector, it said.

In line with this vision, the Sterling Bank will be renamed 'IIHL Bank & Trust Ltd, it said.

IIHL Mauritius also aims to introduce advanced financial technologies and international market products to better serve its customers, it said.

Speaking on the development, IIHL Mauritius Chairman Ashok P. Hinduja said that the 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 USD50 billion global market capitalisation by 2030 in the BFSI sector," he said.

B.R.S. Satyanarayana, Managing Director & CEO of the Bank, said, "This milestone will ensure long-term sustainable growth and stability for IIHL Bank & Trust Ltd. We look forward to bringing greater value and enhanced services to our clients under the IIHL banner.

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, it said. These include the acquisitions of 100 per cent of Reliance Capital, along with its key subsidiaries/associates in insurance and securities, it said.

Reliance Nippon Life Insurance, a joint venture with Nippon Life, managing assets of USD 4.3 billion, Reliance General Insurance Company, a non-life insurer, with an AUM of USD 2.4 billion, Reliance Health Insurance, Reliance Securities, among others, are now part of IIHL.

Besides, 60 per cent stake in Invesco Asset Management Company's India business with an AUM of over USD 14.5 billion will soon come in fold of IIHL, it said.

Regulatory approvals in place and expected closure by the end of October 2025, it added. PTI DP MR