INDUSIND INTERNATIONAL HOLDINGS LTD, MAURITIUS ACQUIRES CONTROLLING STAKE IN STERLING BANK & TRUST, BAHAMAS
- GROWTH CAPITAL TO HELP STERLING EXPANSION INTO THE AMERICAS AND THE UK & EUROPE.
- BANK AIMS TO SERVICE ULTRA HNI CLIENTS
NASSAU/PORT LOUIS – Sterling Bank & Trust Limited (SBTL), a member of the Sterling Global Financial Group (SGF), announced the sale of a majority stake in SBTL to IIHL Capital Limited (IIHCL) – a subsidiary of IndusInd International Holding Limited (IIHL), a Mauritius based Investment Holding Company with investments in Finance and Banking, and is the promoter entity of IndusInd Bank, the 5th largest listed bank in India.
IIHCL provides not only the capital but also brings the global experience of financial services and an extensive network of Ultra High Net worth clients. This would put SBTL in the next trajectory, enabling it to offer world-class products & services, apart from traditional mortgage loans, in The Bahamas, the USA, Grand Cayman, and the UK. We also believe Neo-banks may occupy close to 40% of the overall BFSI market by 2030. Therefore, our strategic objective is to provide innovative, cutting-edge technology based, end to end digital based solutions to customers globally.
Peter Charrington., former Global Head, Private Banking of Citi will be the Chairman of the revamped board. The position of MD & CEO is being taken by BRS Satyanarayana, a 34 years’ veteran from State Bank of India, the 49th largest bank globally. He has served as Country Head of the State Bank’s Japan operations for many years and was also on the Boards of Banks in Indonesia and Nepal. Both of them bring the best governance practices, immense operational experience & global outlook.
“SBTL is a wonderful opportunity for IIHL to continue its journey of international excellence and innovation,” said Ashok Hinduja, Chairman of IIHL. “We see the Bahamas and SBTL as a stepping stone for banking into the Americas.”
“This investment in SBTL is an endorsement of The Bahamas, and SBTL’s people, strategy, and the future,” said David Kosoy, Founder of Sterling Global Financial Group (SGF). “For our clients and our team, this is excellent news as we can now benefit from our new relationship with IIHL”.
Stephen Tiller, CEO of SGF, added: “In order to compete in the global environment, you need world-class partners, IIHL has proven that they can grow profitable businesses around the world, and their philanthropic focus bodes well for The Bahamas and SBTL”.
About IndusInd International Holdings Limited Home – IndusInd. (indusindinternational.com)
Originally versed in the banking sector**, IndusInd has managed over the years to invest in a wide range of various services. With a USD 1.5 bn net asset value, IIHL is dedicated to maintaining this dynamic growth through on-going investment and acquisition of high value assets. IIHL’s vision is to be a Global Financial Services Institution with commitment to excellence in international orientation, innovation, speed, and strict compliance with the principles of good corporate governance.
**IndusInd Bank, established in 1994, is a digitally driven innovative universal Bank with a widespread banking footprint with over 33 million customers, 6100+ distribution points across India along with offices at London, Dubai & Abu Dhabi. With 359,000 shareholders, of which 67.67% being marquee International Institutional Investors, its shares are listed at the Bombay Stock Exchange & National Stock Exchange, whereas GDRs are listed on the Luxembourg Stock Exchange, with a current market cap of USD 11 bn.
About Sterling Global Financial (Sterling Global Financial | A Global Asset Management Firm (sterlinggloballtd.com)
Sterling is not just our name; it’s our character and our well-earned reputation. Our principals have been investing our own capital and on behalf of others for more than 50 years. Upholding our name and identity is a responsibility we believe to be of the highest importance. We focus on strategies that align with our partners’ goals to preserve and grow investments. We serve and are trusted by a wide array of investors from around the world. We currently manage and administer over $9 Billion of Assets in real estate investment, development, lending, infrastructure, and bank and trust services. In addition to Sterling Bank & Trust, Sterling is also the owner of Sterling Trust (Cayman) Limited, a 52-year-old trust company that provides a range of fiduciary and administrative services to clients around the world.