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Infosys takes over Dutch bank arm with majority stake
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SME Times News Bureau | 25 May, 2019
Global software major Infosys on Friday said it has completed the
acquisition of majority (75 per cent) equity stake in the Stater N.V.
subsidiary of the Netherlands-based ABN AMRO Bank.
"Post-acquisition
for $144 million (Rs 999 crore) in cash by our arm Infosys Consulting
Pte Ltd, we have formed a strategic tie-up with Stater, which provides
mortgage administration services," the city-based IT behemoth said in a
statement.
The Amsterdam-headquartered third largest Dutch bank, ABN, will hold the remaining 25 per cent of the shareholding in Stater.
As
a market leader in the Benelux region, Stater operates across the
mortgage and consumer lending value chain, with capabilities in digital
origination, servicing and collection.
The 22-year-old Stater also has European mortgage expertise and a digital platform to drive superior customer experience.
"The
partnership strengthens us as a leading technology and business process
management provider across the mortgage services value chain, improving
experience and operational efficiencies," said the statement.
Stater's
expertise in the mortgage services market, combined with the global
reach, Artificial Intelligence (AI), digital transformation and
automation capabilities of the outsourcing firm can create
differentiated solutions for the market.
"We will drive Stater's
digital transformation roadmap with accelerators such as dynamic
workflow, Application Programming Interface (API) layers, Robotics
Process Automation (RPI) and analytics under its management team," it
added.
Mortgage services is a focus area for large corporations
in the financial sector, given the importance of the asset on a bank's
balance sheet.
"The transaction helps our approach to offer
clients' digital platforms and industry-focused solutions. It also
brings our capabilities to enhance the value we offer to our financial
services clients," said Infosys President Mohali Joshi on the occasion.
"While
mortgages are a key product for us, providing administrative mortgage
services is not a core activity for us," said ABN executive board member
Christian Bornfeld in the joint statement.
As largest mortgage
service provider in the Benulux countries (Belgium, Netherlands and
Luxumbourgh), Stater services a whopping 17 lakh mortgage and insurance
loans for 50 clients in the Netherlands and Belgium.
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