IIHL inducts Kamal Vachani to its board of directors

IndusInd International Holdings Limited (IIHL), the promoter of IndusInd Bank in India and the recently acquired IIHL Bank & Trust, Bahamas (formerly Sterling Bank), announced the induction of Kamal Vachani to its board of directors at its recently concluded Board meeting.

IIHL is a Mauritius-based platform conceived and promoted by the Hinduja Family, together with several hundred Super High Net Worth Individuals from the Indian diaspora. Vachani is a partner at the Dubai-based Al Maya Group, which has diverse business interests across the retail sector.

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Speaking on his induction to the Board, Ashok P Hinduja, chairman of IIHL, stated: "With his rich experience in the UAE and GCC, and with a significant number of our shareholders based there, they will be well represented by Kamal as IIHL seeks to build and consolidate its footprint across several financial services and para-banking sectors — including insurance, asset management, securities, and private wealth — to become a global financial powerhouse."

In line with its aspiration to create value for its global shareholders, IIHL has recently undertaken a series of strategic, value-accretive acquisitions to expand and complete its para-banking suite within the BFSI space. These include:

• 100% acquisition of Reliance Capital Ltd., along with its key subsidiaries and associates in insurance and securities:

1. Reliance Nippon Life Insurance – a joint venture with Nippon Life, managing assets of US$4.3 billion

2. Reliance General Insurance Company – a leading non-life insurer with an AUM of US$2.4 billion

3. Reliance Health Insurance

4. Reliance Securities

• 60% stake in Invesco Asset Management Company’s India business, with an AUM of over $14.5 billion. Regulatory approvals are in place, and the transaction is expected to close by the end of October 2025.

• 100% stake in Bahamas-based private bank Sterling, which has been renamed IIHL Bank & Trust Ltd.