Infosys partners with ABN AMRO, acquires mortgage administration subsidiary for €127.5mn
Bengaluru-based digital services and consulting specialist Infosys has announced a strategic partnership with ABM AMRO, the Netherlands’ third-largest bank.
In its press release, Infosys said the strategic partnership will enable it to cement its position as a market-leading technology and business process management provider across the mortgage services supply chain, as well as optimising operational efficiencies and bolstering its digital transformation services offering.
Infosys will take a 75% stake in ABN’s Stater NV subsidiary which offers end-to-end mortgage administration services in the Netherlands, Germany and Belgium, with the remaining 25% stake remaining under ABN.
The transaction amounts to €127.5mn, subject to any adjustments prior to the deal’s closing.
"This transaction strengthens our approach to offer clients digital platforms and industry focused solutions,” said Mohit Joshi, President, Infosys, in the firm’s press release.
“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.”
Erwin Dreuning, Managing Director of Stater, added:
"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."