Infosys has completed its previously announced acquisition of a 75% stake in ABN AMRO Bank subsidiary Stater.
Stater provides end-to-end mortgage administration services across the Netherlands, Belgium and Germany.
It operates across the mortgage and consumer lending value chain including loan origination, servicing and collection.
In March this year, Infosys signed the agreement to acquire the majority stake in the firm for €127m. ABN AMRO will continue to own the remaining 25% interest.
The closing also confirms the Infosys and ABN AMRO strategic partnership. The Indian IT firm aims to strengthen its position as a tech-support provider across the mortgage services value chain.
It aims to leverage Stater’s experience in the mortgage services market and combine its technical capabilities to offer differentiated solutions to the mortgage market.
While announcing the deal, Stater managing director Erwin Dreuning said: “We are eager to welcome Infosys as a new shareholder. As they are already active in mortgage administration services, Infosys offers specific expertise.
“The combined forces of ABN AMRO, Infosys and Stater ensures we have a solid basis to pursue our plans for further development of our service offering. Furthermore, it opens up opportunities for us to grow and service other clients.”
Stater, which was founded in 1997, services around 1.7 million mortgage and insurance loans for approximately 50 clients.