IIHL, Mauritius, promoter of IndusInd Bank, inducts Kamal Vachani to its Board of Directors

IndusInd International Holdings Limited (IIHL), the promoter of IndusInd Bank in India and the recently acquired IIHL Bank & Trust, Bahamas (erstwhile Sterling Bank), in its recently concluded Board meeting announced the induction of Mr Kamal Vachani to its Board of Directors. IIHL is the Mauritius-based platform, conceived and promoted by the Hinduja Family along with several hundred Super High Net Worth Individuals of the Indian diaspora. 

Kamal Vachani is the Partner of the Dubai-based Al Maya Group with business interests across the Retail sector. Speaking on his induction to the Board, Ashok P Hinduja, Chairman, IIHL, stated, “With his rich experience in UAE and GCC and a significant number of our shareholders there, they would be well represented by Kamal,  as IIHL seeks to build and consolidate its footprint across several financial services/ para banking sectors like Insurance, Asset Management, Securities, Private Wealth, etc to be a global financial powerhouse.”

In line with its aspiration to create value for its global shareholders, IIHL has recently undertaken a series of strategic, value-accretive acquisitions 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 $4.3 billion

  • Reliance General Insurance Company – a leading non-life insurer, with an AUM of $2.4 billion

  • Reliance Health Insurance

  • Reliance Securities