IIHL Mauritius acquires full ownership of Sterling Bank in the Bahamas

IIHL rebrands Sterling Bank as IIHL Bank & Trust, expanding its global financial footprint

Last updated: October 08, 2025 | 12:41

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Global sovereign and private equity funds have shown interest in participating in IIHL's growth.

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Dubai: IndusInd International Holdings Ltd (IIHL), Mauritius — the promoter of India’s IndusInd Bank — has completed its acquisition of Sterling Bank, Bahamas, taking full ownership of the institution.

The deal, made through IIHL’s wholly owned subsidiary IIHL (Capital) Mauritius, follows its earlier purchase of a 51% stake in September 2022. The remaining 49% equity acquisition gives IIHL complete control of the bank, which has now been renamed IIHL Bank & Trust Limited.

Global presence

IIHL, which has a net worth of US$1.26 billion as of August 2025, holds diversified investments across the banking, financial services, securities, and insurance sectors. The Mauritius-based entity promotes IndusInd Bank, India’s fifth-largest private sector bank with a business size exceeding US$86 billion and more than 6,100 touchpoints serving over 42 million customers.

The acquisition aligns with IIHL’s plan to expand internationally and strengthen its position in the global financial services industry. The company said it aims to leverage its experience in the Indian market and introduce advanced financial technologies and international products through its Bahamas-based banking arm.

Also Read: India’s IndusInd Bank promoter IIHL approves capital raising of up to $1.5 billion

Strategic moves

The purchase of Sterling Bank & Trust follows a series of acquisitions by IIHL to broaden its portfolio within the BFSI (Banking, Financial Services, and Insurance) space. Recent deals include:

100% acquisition of Reliance Capital Ltd. and its subsidiaries, such as Reliance Nippon Life Insurance, Reliance General Insurance, Reliance Health Insurance, and Reliance Securities.
60% stake in Invesco Asset Management India, which manages assets of over $14.5 billion, with the transaction expected to close by the end of October 2025.

Ambitious move

Ashok P. Hinduja, Chairman of IIHL, said the acquisition reinforces the company’s global ambitions.

“This acquisition enables IIHL to expand globally, combining our decades of experience with international best practices. It strengthens our ability to deliver long-term value to shareholders and customers,” he said. “Together with our recent acquisitions, we are on track to reach a $50 billion global market capitalisation by 2030 in the BFSI sector.”

B.R.S. Satyanarayana, Managing Director and CEO of the newly renamed IIHL Bank & Trust Limited, said the move marks a new growth phase.

“This milestone will ensure long-term sustainable growth and stability. We look forward to delivering greater value and enhanced services to clients under the IIHL brand,” he said.

The transaction positions IIHL as an emerging global financial powerhouse with growing interests across banking, insurance, and asset management — strengthening its role as a key player in the international BFSI landscape.

Justin VargheseYour Money Editor

Justin is a personal finance author and seasoned business journalist with over a decade of experience. He makes it his mission to break down complex financial topics and make them clear, relatable, and relevant—helping everyday readers navigate today’s economy with confidence. Before returning to his Middle Eastern roots, where he was born and raised, Justin worked as a Business Correspondent at Reuters, reporting on equities and economic trends across both the Middle East and Asia-Pacific regions.