IIHL Appoints Kamal Vachani to Board

Dubai, Oct 16 (PTI) The IndusInd International Holdings Limited (IIHL), the promoter of IndusInd Bank in India and the recently acquired IIHL Bank & Trust, Bahamas, in its recently concluded board meeting announced the induction of Kamal Vachani to its Board of Directors.

IIHL is the Mauritius-based platform, conceived and promoted by the Hinduja Family along with several hundred super high net worth individuals of the Indian diaspora.

Kamal Vachani is the partner of the Dubai-based Al Maya Group with business interests across the retail sector.

Speaking on his induction to the board, Ashok P Hinduja, Chairman, IIHL, stated, “With his rich experience in UAE and GCC (Gulf Cooperation Council) and a significant number of our shareholders there, they would be well represented by Kamal, as IIHL seeks to build and consolidate its footprint across several financial services and para banking sectors like insurance, asset management, securities, private wealth, etc to be 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 the acquisitions of 100 per cent of Reliance Capital Ltd., along with its key subsidiaries and associates in insurance and securities, Reliance Nippon Life Insurance – a joint venture with Nippon Life, managing assets of USD 4.3 billion, Reliance General Insurance Company – a leading non-life insurer, with an AUM of USD 2.4 billion, Reliance Health Insurance Reliance Securities, 60 per cent stake in Invesco Asset Management Company's India business with an AUM of over USD 14.5 billion.