IndusInd promoter IIHL Mauritius buys 100% stake in Sterling Bank, Bahamas

IndusInd Bank Limited's promoter, IIHL Mauritius, on Monday announced that it has acquired 100% stake in Sterling Bank, Bahamas.

Previously, the promoter had acquired 51% stake in the Sterling Bank, Bahamas, in September 2022.

The acquisition was made through IIHL’s wholly owned subsidiary, IIHL (Capital), Mauritius. Following the acquisition, the Sterling Bank will be renamed “IIHL Bank & Trust Limited.”


As per the press statement, IIHL Mauritius aims to introduce advanced financial technologies and international market products to better serve its customers.

Speaking on the development, Ashok P. Hinduja, Chairman, IIHL, Mauritius, 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.”

Recently, IIHL has undertaken a series of strategic including 100% of Reliance Capital Ltd., along with its key subsidiaries/associates in insurance and securities and Reliance Nippon Life Insurance.