IndusInd International Holdings Ltd (IIHL), Mauritius, promoter of IndusInd Bank, has acquired an additional 49% stake in Sterling Bank to take full ownership of the Bahamas-based firm.

The Hinduja Group-owned IIHL Mauritius had acquired a controlling 51% stake in Sterling Bank in September 2022.

The acquisition was made through IIHL's wholly owned subsidiary, IIHL (Capital), Mauritius.

The Sterling Bank will be renamed 'IIHL Bank & Trust Ltd’.

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.

IIHL Mauritius Chairman Ashok P. Hinduja said that the acquisition enables IIHL to expand globally, combining the company’s 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 added.

IIHL, a Mauritius-based entity with a net worth of $1.26 billion as of 31 August 2025, has a diversified investment portfolio across the Banking, Financial Services, Securities, and Insurance (BFSI) sectors. 

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

In recent months, IIHL has undertaken a series of strategic, value-accretive acquisitions in India to expand and complete its para-banking suite within the BFSI space, it said. These include the acquisitions of 100% of Reliance Capital, along with its key subsidiaries/associates in insurance and securities and Reliance Nippon Life Insurance.