IndusInd International Holdings targets US$50 billion valuation in banking and financial services through acquisitions, says Ashok Hinduja
- IIHL, which has a significant shareholding from the UAE residents is looking at taking over smaller banking entities in Europe, and is open to look at other regions, including the Middle East.
- Imminent acquisition of R-Capital, and the recent picking up of 60 per cent stake in Investco to help expand BFSI footprints
- Looks at listing on Afrinex exchange in Mauritius; Stake in IndusInd Bank to be raised to 26 per cent from the current 16 per cent
Mr. Ashok Hinduja, IIHL Chairman
Dubai, Mumbai, May 06, 2024: IndusInd International Holdings (IIHL), which has a significant shareholding from the UAE residents out of the 600 globally dispersed HNWI stakeholders is looking at growing its Banking and Financial Services (BFSI) business to a targeted valuation of US$50 billion through acquisitions in India, Europe and the Middle East by 2030.
“Our masterplan for BFSI is in the making and IIHL team is working with consultants on how to move ahead to create value and growth for stakeholders, “said Mr. Ashok Hinduja, IIHL Chairman.
According to him the recent acquisition of a majority shareholding of 60 per cent in Invesco Mutual Fund and the imminent USD 1.17 billion takeover of R-Capital post approval from Insurance Regulatory and Development Authority (IRDA) of India and others, will bolster the endeavours of IIHL to be a leading global entity in the BFSI space.
Mr. Hinduja said that IIHL is also looking at small banks in European countries such as Switzerland, Liechtenstein, Germany and Luxembourg, and due diligence processes were on. IIHL will also be keen to expand its banking and financial services business in other parts of the world, including in the GCC.
IIHL’s current BFSI business includes IndusInd Bank and Invesco, which is anticipated to grow from the current US$17 billion to US$30 billion in three years, and to US$50 billion by 2030.
Mr. Hinduja said, IIHL is also looking at listing on Afrinex, the Mauritian stock market, in which it holds a stake as well. IIHL has also got the approval of India’s Central Bank to hike stake in IndusInd Bank to 26 per cent from the current 16 per cent.
About IndusInd International Holdings Limited (“IIHL”)
Originally versed in the banking sector, IIHL has managed over the years to invest in a wide range of various services. With a USD 1.67Bn 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.
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