IIHL Mauritius, the promoter of IndusInd Bank, has officially acquired the remaining 49 percent stake in Sterling Bank, Bahamas, taking its ownership to 100 percent.
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IIHL Mauritius, the promoter of IndusInd Bank, has officially acquired the remaining 49 percent stake in Sterling Bank, Bahamas, taking its ownership to 100 percent.
IIHL Mauritius, the promoter of IndusInd Bank, has officially acquired the remaining 49 percent stake in Sterling Bank, Bahamas, taking its ownership to 100 percent. The deal was completed through its wholly owned subsidiary, IIHL (Capital) Mauritius, marking another significant step in the group’s global expansion strategy.
Previously, IIHL held a 51 percent stake in Sterling Bank since September 2022. With this latest acquisition, the financial institution will be rebranded as IIHL Bank & Trust Limited, reflecting its new identity under complete IIHL control.
As of August 31, 2025, IIHL Mauritius reported a net worth of approximately US$1.26 billion. The group also promotes IndusInd Bank, one of India’s leading private sector banks, serving over 42 million customers across more than 6,000 touchpoints. IndusInd Bank’s total business size now exceeds US$86 billion, reinforcing IIHL’s influence across global financial markets.
The acquisition is a key part of IIHL’s broader growth strategy within the Banking, Financial Services, Securities, and Insurance (BFSI) sectors. In recent months, the company has made several major moves — including acquiring Reliance Capital Ltd. and its subsidiaries, as well as securing a 60 percent stake in Invesco Asset Management’s India business, which manages assets worth more than US$14.5 billion.
Ashok P. Hinduja, Chairman of IIHL, stated that this milestone strengthens the company’s ability to deliver international banking and wealth management services. The acquisition enhances IIHL’s global footprint and solidifies its reputation as a diversified financial powerhouse.
Looking ahead, IIHL has set an ambitious goal of achieving a US$50 billion market capitalization by 2030, driven by strategic acquisitions and international expansion. The full ownership of Sterling Bank marks a major leap toward realizing that vision.
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