Indian IT giant Infosys has completed acquisition of 75% stake in ABN AMRO’s mortgage administration service provider Stater.
Image: Infosys acquires majority stake in Stater from ABN AMRO. Photo: Courtesy of ABN AMRO Bank N.V.
Infosys and ABN AMRO announced the deal in March this year. With the completion of the deal, Infosys expects to strengthen its position as a provider of technology business process management in the mortgage services value chain.
The company also aims to improve operational efficiencies and enhance its strategy in helping clients navigate the next digital transformational journeys.
Founded in 1997, Stater is one of the largest mortgage services providers in The Netherlands. It claims to facilitate more than 30% of all mortgages in the country, ranging from approval of application to final mortgage payment. This is equivalent of about 1.7 million mortgage and insurance loans in The Netherlands and Belgium.
Stater claims to have deep capabilities in digital origination, servicing and collection. Its European mortgage expertise and robust digital platform offer better customer experience.
With digital transformation and automation support from Infosys, Stater expects to potentially create differentiated solutions for the market.
ABN AMRO will retain the remaining 25% stake and continue as a strategic shareholder.
When the deal was announced in March, ABN AMRO executive board member Christian Bornfeld 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. ABN AMRO will keep a strategic interest of 25% and will continue to be an important client to Stater.”
In March, 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.”