Infosys to buy 75% stake in ABN AMRO Bank Subsidiary

29 March 2019, India:
Infosys, announced a strategic partnership with ABN AMRO Bank. As part of the announced partnership, Infosys will acquire 75% of the shareholding in Stater N.V., a wholly owned subsidiary of ABN AMRO Bank N.V.
ABN AMRO will continue to hold the remaining 25% of the shareholding.
The transaction is expected to close during the first quarter of fiscal 2020, subject to customary closing conditions.
Mohit Joshi, President, Infosys, said, “This transaction strengthens our approach to offer clients digital platforms and industry focused solutions. 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.”
Christian Bornfeld, Member of the Executive Board of 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. ABN AMRO will keep a strategic interest of 25% and will continue to be an important client to Stater.”
Erwin Dreuning, Managing Director, Stater, said, “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.”
(Image – Infosys)
Source: Techstory