IndusInd International Holdings (IIHL), Mauritius, which had previously acquired a 51% stake in the Sterling Bank, Bahamas, in September 2022, has acquired remaining 49% equity in the bank. IIHL is the promoter of IndusInd Bank.
The acquisition was made through IIHL’s wholly owned subsidiary, IIHL (Capital), Mauritius, according to a press release. Followed by the acquisition, Sterling Bank will be renamed as “IIHL Bank & Trust Limited.”
What did IIHL say?
“The acquisition of Sterling Bank & Trust Limited forms part of IIHL’s broader strategy to evolve into a global financial powerhouse within the BFSI sector. IIHL Mauritius also aims to introduce advanced financial technologies and international market products to better serve its customers,” the company said in the press release.
“This acquisition enables IIHL to expand globally, combining our decades of experience with global best practices…..Together with our recent acquisitions, this positions us well to achieve our target of a $50 billion global market capitalisation by 2030 in the BFSI sector,” said Ashok P Hinduja, chairman, IIHL, Mauritius.
What are other acquisitions of IIHL?
IIHL has done various other acquisitions in BFSI till date. It acquired 100% stake in Reliance Capital, Reliance Nippon Life Insurance – a joint venture with Nippon Life, Reliance General Insurance Company, Reliance Health Insurance, and Reliance Securities. It also has 60% stake in Invesco Asset Management Company’s India business, where the acquisition is expected to be completed by the end of October.