ABN AMRO and Infosys agree strategic partnership including the tech giants snapping up a 75% stake in ABN’s Stater unit.
Netherlands headquartered ABN AMRO, the country’s third-largest bank by assets, will retain a 25% stake in Stater. India based Infosys is paying €127m for its 75% stake.
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Stater offers pure-play, end-to-end mortgage administration services in the Netherlands, Belgium and Germany.
Founded in 1997, Stater is the largest mortgage service provider in Benelux. Stater services 1.7 million mortgage and insurance loans for approximately 50 clients in The Netherlands and Belgium.
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 remain with the firm.
ABN AMRO Infosys: Stater stake sale to close Q120
The all cash transaction is expected to close during the first quarter of fiscal 2020, subject to customary closing conditions.
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By GlobalDataChristian Bornfeld, member of the Executive Board of ABN AMRO says: “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.”
Mohit Joshi, President, Infosys, says: “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. We are excited to welcome Stater’s talented team to the Infosys family, thereby enhancing our presence in Europe.”
Stater currently has around 1,400 employees.
Erwin Dreuning, MD Slater, adds: “We are eager to welcome Infosys as a new shareholder. As they are already active in mortgage administration services, Infosys offers specific expertise.
“With the combined forces of ABN AMRO, Infosys and Stater ensures we have a solid basis to pursue our plans to for further development of our service offering. Furthermore, it opens up opportunities for us to grow and service other clients.”
