Toronto, ON -- (ReleaseWire) -- 11/21/2022 --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 fifth-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 and services, apart from traditional mortgage loans, in The Bahamas, the USA, Grand Cayman, and the UK. Neo-banks may occupy close to 40% of the overall BFSI market by 2030; therefore, the 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 and CEO is being taken by BRS Satyanarayana, a 34-year 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, and a 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
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 ongoing investment and acquisition of high-value assets. IIHL's vision is to be a Global Financial Services Institution with a 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, 6,100+ distribution points across India along with offices in London, Dubai and Abu Dhabi. With 359,000 shareholders, of which 67.67% are marquee International Institutional Investors, its shares are listed on 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 is not just the name; it's Sterling Global's character and well-earned reputation. The principles have been investing Sterling's own capital and on behalf of others for more than 50 years. Upholding Sterling's name and identity is a responsibility of the highest importance. Sterling Global focuses on strategies that align with its partners' goals to preserve and grow investments. Sterling serves and is trusted by a wide array of investors from around the world, currently managing and administering 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.
