Sterling Bank and Trust fully absorbed by Mauritius firm

Bahamas-based Sterling Bank & Trust Limited has been fully absorbed by Mauritius-based IIHL (Capital) Ltd., after it acquired the remaining 49 percent equity from the remaining shareholder M/s Sterling Bancorp Inc., a statement from Sterling Bank & Trust released Saturday explains. The statement further explains that IIHL acquired 51 percent equity in Sterling in September 2022. “M/s IIHL (Capital) Limited, (Mauritius) is a 100 percent owned subsidiary of IndusInd International Holdings Limited (IIHL Mauritius). M/s IIHL is an entity based out of Mauritius with a net worth of US$ 1.26 billion as of 31st August 2025, and has interests in banking, finance, securities and insurance (BFSI),” the statement said. “M/s IIHL, Mauritius is the promoter of IndusInd Bank Limited, India’s fifth-largest private sector bank serving 42 million customers across segments through a pan-India network of around 7,000+ branches, and a deposit base of over US$ 44 billion.” According to Sterling’s statement, the name of the bank will be changed from Sterling Bank & Trust Limited to IIHL Bank & Trust Limited. Founder of Sterling Global Financial Group Davis Kosoy said in a previous statement, when IIHL bought the majority stake in Sterling Bank and Trust, that its clients and team would benefit from the new relationship. Kosoy is also an investor in numerous real estate developments across The Bahamas. Saturday’s statement explained that IIHL recently concluded a series of “value accretive acquisitions” in India to complete its para banking suite in the banking, financial services and insurance (BFSI) space “in the interest of its global shareholders”. “The acquisition of Sterling Bank & Trust Limited is a part of IndusInd International Holdings Limited’s (IIHL) strategy to be a global player in the BFSI sector,” the statement said. It added that IIHL Mauritius will bring the superior technology and global market products to the customers it has gained through the acquisition and future customers. “B.R.S.Satyanarayana, managing director and CEO of the bank, has stated that the acquisition will help the IIHL Bank & Trust Limited’s long-term sustainable growth and stability,” the statement said.