Infosys acquires ABN AMRO Bank’s subsidiary
India’s second-largest IT services and outsourcing firm, Infosys, said on Thursday that it will acquire a 75% stake in ABN AMRO Bank’s wholly owned subsidiary, Stater, for EUR127.5m (USD143m). Both the companies have signed an agreement to this effect. Founded in 1997, Stater provides end-to-end mortgage administration services in the Netherlands, Belgium, and Germany. As part of the deal, Infosys will acquire 75% of the shareholding in Stater, while ABN AMRO will continue to hold the remaining 25%, Infosys said in a statement. The current management team of Stater will continue to steer the company, it added. Infosys said mortgage services is a focus area for large corporations in the financial sector, given the importance of the asset on a bank’s balance sheet.
Read more at The Economic Times.
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