Infosys Ltd. bought 75 percent stake in ABN Amro's mortgage administration services unit for €127.5 million (around Rs 990 crore) in cash.
ABN Amro, the Netherlands' third-largest bank, would continue to hold 25 percent in Stater NV, according to a filing by Infosys. Stater provides services in the Netherlands, Belgium and Germany. The deal is expected to close by June.
“This transaction strengthens our approach to offer clients digital platforms and industry-focused solutions,” Mohit Joshi, president at Infosys, said in a statement accompanying the filing. “It brings together our complementary capabilities to enhance the value we offer to our financial services clients.”
Christian Bornfeld, member of the executive board at ABN Amro, 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.”
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