Hinduja’s IIHL Mauritius acquires 100% stake in sterling bank

IndusInd International Holdings Ltd (IIHL), Mauritius, has completed the acquisition of the remaining 49 per cent equity in Bahamas-based Sterling Bank, making it a wholly-owned entity of the Hinduja Group firm, the company said on Monday.

IIHL Mauritius, which is also the promoter of IndusInd Bank, had previously acquired a controlling 51 per cent stake in Sterling Bank in September 2022. The latest acquisition was executed through IIHL’s wholly owned subsidiary, IIHL (Capital), Mauritius. Following the transaction, Sterling Bank will be renamed IIHL Bank & Trust Ltd.

As of August 31, 2025, IIHL Mauritius has a net worth of USD 1.26 billion and holds a diversified investment portfolio across the Banking, Financial Services, Securities, and Insurance (BFSI) sectors. IndusInd Bank, promoted by IIHL Mauritius, is India’s fifth-largest private sector bank, serving over 42 million customers through more than 6,100 touchpoints, with a business size exceeding USD 86 billion.

The acquisition aligns with IIHL’s strategic objective to establish itself as a global financial powerhouse in the BFSI sector. IIHL Mauritius plans to leverage this expansion to introduce advanced financial technologies and international market products to serve clients more effectively.

Commenting on the development, IIHL Mauritius Chairman Ashok P. Hinduja said, “The acquisition enables IIHL to expand globally, combining 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 USD 50 billion global market capitalisation by 2030 in the BFSI sector.”

B.R.S. Satyanarayana, Managing Director & CEO of the bank, stated, “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 several strategic acquisitions in India to expand its para-banking offerings within the BFSI space. These include acquiring 100 per cent of Reliance Capital and its key subsidiaries in insurance and securities.

Among these are Reliance Nippon Life Insurance, a joint venture with Nippon Life managing assets of USD 4.3 billion, Reliance General Insurance with assets of USD 2.4 billion, Reliance Health Insurance, and Reliance Securities. Additionally, IIHL is set to acquire a 60 per cent stake in Invesco Asset Management Company’s India business, which has assets under management of over USD 14.5 billion, with regulatory approvals expected and closure by the end of October 2025.

These moves reinforce IIHL’s objective to consolidate its presence across the BFSI sector, both in India and internationally, positioning the firm for sustained growth and expansion into global financial markets.