• IIHL Mauritius completes 100% acquisition of Sterling Bank
• Bank to be renamed IIHL Bank & Trust Limited
• Plans to introduce advanced financial technology and global products

IndusInd International Holdings Ltd (IIHL), the promoter of IndusInd Bank, has fully acquired Sterling Bank in the Bahamas. The Mauritius based company, which previously owned 51% since September 2022, now holds complete ownership of the bank. Following the acquisition, Sterling Bank will be rebranded as IIHL Bank & Trust Limited.

This move marks a significant step for IIHL Mauritius as it seeks to expand its global footprint in the banking and financial services sector. The company plans to introduce cutting edge financial technologies and international market products to better serve its customers and stay competitive.

Ashok P. Hinduja, Chairman of IIHL Mauritius, said the acquisition strengthens the company's ability to create long term value for shareholders and clients. He added that combining their decades of experience with global best practices will help IIHL reach its ambitious goal of a $50 billion global market capitalization by 2030 in the BFSI (Banking, Financial Services, and Insurance) sector.

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IIHL has recently made other strategic moves, including acquiring 100% of Reliance Capital Ltd. and its key subsidiaries in insurance and securities, as well as Reliance Nippon Life Insurance. These efforts position IIHL as a growing force in the global financial services market.