DUBAI-based Indian businessman Kamal Vachani has been appointed to the board of IndusInd International Holdings Limited (IIHL). The Mauritius-based financial services firm is backed by the Hinduja Family and several hundred high-net-worth individuals from the Indian diaspora.
Vachani is a partner at Dubai-based Al Maya Group, a retailer with interests across the Gulf region. His appointment reflects IIHL's strategic expansion into Middle Eastern markets, a statement said.
Ashok P Hinduja, IIHL chairman, noted Vachani's expertise in the UAE and broader Gulf Cooperation Council (GCC) region. "With a significant number of our shareholders based there, Kamal represents their interests as we build and consolidate our footprint across financial services and para-banking—including insurance, asset management, securities and private wealth management," Hinduja said.
"Grateful and proud to share a special milestone: I’ve joined the board of IndusInd International Holdings Limited (IIHL), Mauritius. Inspired by IIHL’s vision to strengthen its global footprint in financial services and create long-term, sustainable value," Vachani wrote on social media.
IIHL owns IndusInd Bank in India and recently acquired IIHL Bank & Trust in the Bahamas. The group has undertaken a series of strategic acquisitions to expand its financial services operations.
Recent acquisitions include 100 per cent ownership of Reliance Capital Limited and its key subsidiaries, including Reliance Nippon Life Insurance (a joint venture with Nippon Life, managing $4.3 billion (£3.4bn) in assets), Reliance General Insurance ($2.4bn (£1.9bn) in assets under management), Reliance Health Insurance and Reliance Securities.
The group also acquired a 60 per cent stake in Invesco Asset Management Company's India operations, which oversees more than $14.5bn (£11.5bn) in assets.
Through these moves, IIHL aims to establish itself as a global financial services powerhouse, creating value for shareholders worldwide, the statement added.
(with inputs from PTI)
