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.

Recommended For You

Indian pilgrims find 'warm welcome' in Pakistan despite tensions

McIlroy eyes elusive Falcon Trophy at Abu Dhabi HSBC Championship

LEPAS unveils the future of 'Elegant Living' during global brand debut

Celebrating 25 years of Ahmed Al Maghribi Perfumes

PM Narendra Modi meets India's Women's World Cup-winning team

 

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.