IIHL Completes $1.26B Acquisition of Sterling Bank & Trust
International Investment Holdings Limited (IIHL) has completed a significant acquisition, purchasing a 100% stake in Bahamas-based Sterling Bank & Trust. The deal, finalised in two phases, sees IIHL strengthen its global entry in the Banking, Financial Services, and Insurance (BFSI) sectors.
The acquisition, valued at $1.26 billion, was completed in September 2022, with IIHL initially acquiring a 51% stake and later purchasing the remaining 49%. Ashok P. Hinduja, Chairman of IIHL, expressed that this move aims to deliver long-term value to shareholders and customers, with a vision to achieve a $50 billion global market capitalization in the BFSI sector by 2030.
IIHL, with a net worth of $1.26 billion, has a history of strategic investments in the BFSI sector. It is the promoter of IndusInd Bank, serving over 42 million customers, and has recently acquired Reliance Capital Ltd. and its subsidiaries, as well as a 60% stake in Invesco Asset Management Company's India business. Following the Sterling Bank & Trust acquisition, the bank has been renamed IIHL Bank & Trust Limited. BRS Satyanarayana, Managing Director & CEO of the Bank, anticipates long-term sustainable growth and stability for IIHL Bank & Trust Limited through this acquisition.
IIHL's acquisition of Sterling Bank & Trust is part of its strategic vision to become a global financial powerhouse. As of October 2023, there are no specific plans for further expansion, but future announcements could reveal new market explorations or business volume enhancements, as companies often do following strategic takeovers.
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