IndusInd International Holdings Ltd. (IIHL), based in Mauritius, has officially announced its complete acquisition of Sterling Bank in the Bahamas, taking full ownership of the institution. This marks a significant milestone following its initial 51% stake purchase in September 2022, as IIHL has now finalized the acquisition of the remaining 49% equity.
The strategic transaction was facilitated through IIHL (Capital), a wholly-owned subsidiary of IIHL, Mauritius.
Following the acquisition, Sterling Bank will undergo a name change, becoming ‘IIHL Bank & Trust Ltd.’
As a prominent Mauritius-based entity with a substantial net worth of $1.26 billion as of August 31, 2025, IIHL boasts a robust and diversified investment portfolio spanning key areas such as Banking, Financial Services, Securities, and Insurance (BFSI). Notably, IIHL is also the proud promoter of IndusInd Bank Ltd.
Ashok P. Hinduja, Chairman of IIHL, Mauritius, expressed his enthusiasm for the acquisition, stating, “This strategic move empowers IIHL to significantly expand its global reach, integrating our extensive experience with leading international best practices. It will undoubtedly enhance our capability to generate sustainable, long-term value for both our shareholders and cherished customers. Coupled with our other recent acquisitions, this positions us perfectly to achieve our ambitious goal of a $50 billion global market capitalization within the BFSI sector by 2030.”
B.R.S. Satyanarayana, the Managing Director & CEO of the newly formed bank, affirmed the positive outlook. “This pivotal milestone guarantees long-term sustainable growth and unwavering stability for IIHL Bank & Trust Ltd.,” he remarked. “We are eager to deliver even greater value and significantly enhanced services to all our clients operating under the esteemed IIHL banner.”