IndusInd Bank's promoter, Mauritius-based IndusInd International Holdings Ltd (IIHL), has completed the acquisition of the remaining 49% stake in Sterling Bank, Bahamas, bringing its ownership to 100%. The transaction was carried out by IIHL's wholly owned subsidiary, IIHL (Capital) Mauritius.

Key Highlights

• IndusInd Bank promoter IIHL Mauritius acquires full ownership of Bahamas-based Sterling Bank, renaming it IIHL Bank & Trust.
• The acquisition marks a strategic move by IIHL to expand its global footprint in the BFSI sector.

Following the acquisition, the bank was renamed IIHL Bank & Trust Limited, representing a strategic shift in IIHL's quest to become a global financial powerhouse in the Banking, Financial Services, Securities, and Insurance (BFSI) sector.

IIHL, which first acquired a 51% stake in Sterling Bank in September 2022, had a net worth of $1.26 billion as of August 31, 2025. The Mauritius-based company is the primary promoter of IndusInd Bank, India's fifth-largest private sector bank, with over 42 million customers served through more than 6,100 touchpoints and a business value exceeding $86 billion.

IIHL has recently made a number of strategic acquisitions to strengthen its position in India's BFSI sector. These include the 100% acquisition of Reliance Capital Ltd., as well as key subsidiaries and associates. The company also acquired a 60% stake in Invesco Asset Management Company's India business, which manages over $14.5 billion in assets. Regulatory clearances are in place, and the transaction is expected to close by the end of October 2025.

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Ashok P Hinduja, Chairman of IIHL, commented on the development, saying: "This acquisition enables IIHL to expand globally by combining our decades of experience with global best practices. It improves our ability to create long-term value for our shareholders and customers. With our recent acquisitions, we are well positioned to meet our target of a US$50 billion global market capitalization in the BFSI sector by 2030."

BRS Satyanarayana, Managing Director & CEO of IIHL Bank & Trust Limited, stated, "This milestone will ensure IIHL Bank & Trust's long-term sustainable growth and stability." We look forward to providing more value and better services to our clients under the IIHL banner."