(MENAFN- OZON MARKETING) Dubai, Mumbai, May 06, 2024: IndusInd International Holdings (IIHL), which has a significant shareholding from the UAE residents out of the 600 globally dispersed HNWI stakeholders is looking at growing its Banking and Financial Services (BFSI) business to a targeted valuation of US$50 billion through acquisitions in India, Europe and the Middle East by 2030.
“Our masterplan for BFSI is in the making and IIHL team is working with consultants on how to move ahead to create value and growth for stakeholders, “said Mr. Ashok Hinduja, IIHL Chairman.
According to him the recent acquisition of a majority shareholding of 60 per cent in Invesco Mutual Fund and the imminent USD 1.17 billion takeover of R-Capital post approval from Insurance Regulatory and Development Authority (IRDA) of India and others, will bolster the endeavours of IIHL to be a leading global entity in the BFSI space.
Mr. Hinduja said that IIHL is also looking at small banks in European countries such as Switzerland, Liechtenstein, Germany and Luxembourg, and due diligence processes were on. IIHL will also be keen to expand its banking and financial services business in other parts of the world, including in the GCC.
IIHL’s current BFSI business includes IndusInd Bank and Invesco, which is anticipated to grow from the current US$17 billion to US$30 billion in three years, and to US$50 billion by 2030.
Mr. Hinduja said, IIHL is also looking at listing on Afrinex, the Mauritian stock market, in which it holds a stake as well. IIHL has also got the approval of India’s Central Bank to hike stake in IndusInd Bank to 26 per cent from the current 16 per cent.
MENAFN07052024006179013406ID1108182275
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.