Infosys arm to buy 75% stake in Dutch bank subsidiary

Thursday, 28 March 2019, 13:19 Hrs
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Infosys arm to buy 75% stake in Dutch bank subsidiary


Global software major Infosys on Thursday said its consulting arm would buy 75 per cent equity stake in Starter N.V., a subsidiary of the Dutch-based ABN AMRO Bank for Rs 999 crore ($144 million) in cash for strategic partnership in The Netherlands.

"Our subsidiary Infosys Consulting Pte Ltd will acquire 75 per cent of the shareholding in Stater N.V., a subsidiary of ABN AMRO Bank N.V., for Euro 127.5 million (Rs 999 crore or $144 million)," said the city-based IT firm in a statement here.

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 in the mortgage and consumer value chain with capabilities in digital origination, servicing and collection.

"Infosys 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," said the outsourcing firm in the statement.

The partnership also strengthens Infosys' position as a leading technology and business process management provider in the mortgage services value chain, improves experience and operational efficiencies and enhances its strategy to help clients navigate their digital transformation journeys.

Stater is a market leader in the Benelux region, operating across the mortgage and consumer lending value chain with deep capabilities in digital origination, servicing and collection. It also has European mortgage expertise and a robust digital platform to drive superior customer experience.

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.

The 22-year-old Stater's knowledge and experience in the mortgage services market, combined with global reach, AI, digital transformation and automation capabilities of Infosys, can create differentiated solutions for the market.

"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 the Benulux (Belgium, Netherlands and Luxumbourgh) largest mortgage service provider, Stater services a whopping 17 lakh mortgage and insurance loans for 50 clients in the Netherlands and Belgium.



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Source: IANS
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