Infosys to buy 75% stake in ABN AMRO's subsidiary
The transaction is expected to close during the first quarter of fiscal 2020.
New Delhi: India`s second-biggest IT services company, Infosys Ltd on Thursday said that it would buy controlling stake in ABN AMRO Group's mortgage administration services arm Stater N.V.
“Infosys will acquire 75% of the shareholding in Stater N.V., a wholly owned subsidiary of ABN AMRO Bank N.V., that offers pure-play, end-to-end mortgage administration services in the Netherlands, Belgium and Germany. ABN AMRO will continue to hold the remaining 25% of the shareholding,” the company said in a statement.
The transaction is expected to close during the first quarter of fiscal 2020, subject to customary closing conditions, Infosys added.
ABN AMRO is the third largest bank in the Netherlands headquartered in Amsterdam.
"Infosys will drive the digital transformation roadmap of Stater with accelerators such as dynamic workflow, API layers, RPA and analytics. The current management team of Stater will continue to steer the company," it further added.
“This transaction strengthens our approach to offer clients digital platforms and industry focused solutions. It brings together our complementary capabilities to enhance the value we offer to our financial services clients,” Mohit Joshi, President, Infosys, said.
“While mortgages are a key product for ABN AMRO, providing administrative mortgage services is not a core activity. That’s why we are very pleased with Infosys as Stater’s new majority shareholder. ABN AMRO will keep a strategic interest of 25% and will continue to be an important client to Stater,” Christian Bornfeld, Member of the Executive Board of ABN AMRO, said.