Infosys completes acquisition of 75% in ABN AMRO Bank subsidiary Stater

IT services major Infosys Friday said it has completed the acquisition of 75 per cent shareholding in ABN AMRO Bank's wholly-owned Stater NV.

In March, the country's second largest IT services firm had said it will acquire 75 per cent stake in Stater for 127.5 million euros (about Rs 989 crore). ABN AMRO continues to hold the remaining 25 per cent.

"This partnership strengthens Infosys' position as a leading technology and business process management provider across the mortgage services value chain, improving experience and operational efficiencies..." Infosys said in a statement Friday.

It added that the deal further enhances its strategy to help clients navigate their next digital transformation journeys.

"The specialised knowledge and experience of Stater in the mortgage services market, combined with the global reach, artificial intelligence, digital transformation and automation capabilities of Infosys, can potentially create differentiated solutions for the market," it said.

Founded in 1997, Stater is the largest mortgage service provider of the Benelux. It services 1.7 million mortgage and insurance loans for approximately 50 clients in The Netherlands and Belgium.