IndusInd International Holdings Ltd (IIHL), Mauritius, has completed the full acquisition of Bahamas-based Sterling Bank by acquiring the remaining 49 per cent equity, a statement said on Monday.

With the acquisition, Sterling Bank has become a wholly owned entity of Hinduja Group firm IIHL Mauritius, which is also the promoter of IndusInd Bank. IIHL Mauritius had acquired a controlling 51 per cent stake in Sterling Bank in September 2022.

The Hinduja Group has a significant and expanding presence in the UAE, particularly through its subsidiary Ashok Leyland, which operates a major bus factory in Ras Al Khaimah, and Gulf Oil Middle East.

The acquisition was made through IIHL's wholly owned subsidiary, IIHL (Capital), Mauritius, the company said in a statement.

IIHL, a Mauritius-based entity with a net worth of $1.26 billion as of August 31, 2025, has a diversified investment portfolio across the Banking, Financial Services, Securities, and Insurance (BFSI) sectors. It is also the promoter of IndusInd Bank, India's fifth-largest private sector bank, serving over 42 million customers through a nationwide network of over 6,100 touchpoints, with a business size exceeding $86 billion.

The acquisition of Sterling Bank & Trust Ltd forms part of IIHL's broader strategy to evolve into a global financial powerhouse within the BFSI sector, it said.

In line with this vision, the Sterling Bank will be renamed 'IIHL Bank & Trust Ltd, it said.

IIHL Mauritius also aims to introduce advanced financial technologies and international market products to better serve its customers, it said.

Speaking on the development, IIHL Mauritius Chairman Ashok P. Hinduja said that the acquisition enables IIHL to expand globally, combining our decades of experience with global best practices.

"It strengthens our ability to deliver long-term value to our shareholders and customers. 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," he said.

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