Promoter of IndusInd Bank -- IndusInd International Holdings Ltd (IIHL), Mauritius — has completed the acquisition of the remaining 49% stake in Sterling Bank, Bahamas, taking its ownership to 100%. The transaction was executed through IIHL’s wholly owned subsidiary, IIHL (Capital) Mauritius.
Following the acquisition, the bank has been renamed IIHL Bank & Trust Limited, marking a strategic move in IIHL’s bid to become a global financial powerhouse in the Banking, Financial Services, Securities and Insurance (BFSI) sector.
IIHL, which had first acquired a 51% stake in Sterling Bank in September 2022, has a net worth of US$1.26 billion as of August 31, 2025. The Mauritius-based entity is the principal promoter of IndusInd Bank, India’s fifth-largest private sector bank, serving over 42 million customers through more than 6,100 touchpoints, with a business size exceeding $86 billion.
In recent months, IIHL has embarked on a series of strategic acquisitions to strengthen its position across the BFSI spectrum in India. These include 100% acquisition of Reliance Capital Ltd. along with key subsidiaries and associates. The company also acquired 60% stake in Invesco Asset Management Company’s India business, managing over $14.5 billion in assets, with regulatory clearances in place and closure expected by end-October 2025.
Commenting on the development, Ashok P Hinduja, Chairman, IIHL, 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 US$50 billion global market capitalisation by 2030 in the BFSI sector.”
BRS Satyanarayana, Managing Director & CEO of IIHL Bank & Trust Limited, added: “This milestone will ensure long-term sustainable growth and stability for IIHL Bank & Trust. We look forward to bringing greater value and enhanced services to our clients under the IIHL banner.”