ABN Amro has sold a 75% stake in its mortgage administration business to Indian multinational Infosys.
Stater provides services for over 1.3 million mortgage loans to more than 30 mortgage providers in the Dutch market.
Retaining a 25% interest in the business, the Dutch bank will continue to be a strategic shareholder.
Christian Bornfeld, ABN Amro board member, says: “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.”
Already active as a provider of administrative mortgage services in other countries, the deal give Infosys a firm foothold in the Dutch market.
Terms of the transaction ware not disclosed. ABN Amro says the deal, set to close in the second quarter, will have a positive, though modest, impact on its capital ratio.