Infosys, the global leader in next-generation digital services and consulting has just announced a strategic partnership with the Dutch super bank ABN AMRO, the third largest in the Netherlands. Mohit Joshi, President of Infosys, commented. “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.”
This new alliance, which came at the cost of €127 million, entails that Infosys will acquire 75% of the shareholding in Stater N.V., a wholly owned subsidiary of ABN AMRO that offers “pure-play”, end-to-end mortgage administration services in the Netherlands, Belgium and Germany. ABN AMRO will continue to hold the remaining 25% of the shareholding.
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. Stater also brings deep European mortgage expertise and a robust digital platform to drive superior customer experience. Infosys will drive the digital transformation roadmap of Stater with accelerators such as dynamic workflow, API layers, RPA and analytics. The current management team of Stater will continue to steer the company.
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 specialized knowledge and experience of Stater in the mortgage services market, combined with the global reach, AI, digital transformation and automation capabilities of Infosys, can potentially create differentiated solutions for the market.
Christian Bornfeld, Member of the Executive Board of ABN AMRO, stated, “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.”
Stater have also confirmed eagerness to welcome Infosys as a new shareholder, mentioning, believing strongly that the combined forces of ABN AMRO, Infosys and Stater will create a solid basis to pursue further development of the combined service offering.
The transaction is expected to close during the first quarter of fiscal 2020, subject to customary closing conditions.
Stater is the largest mortgage service provider of the Benelux. Stater services 1.7 million mortgage and insurance loans for approximately 50 clients in The Netherlands and Belgium. Stater was founded in 1997 and has a solid client base. Several of the largest Dutch and Belgian banks see Stater as a trusted partner for their most important product, mortgages. Stater offers a complete range of mortgage services and is a front runner in digital services regarding mortgages and in developing a digital ecosystem for mortgages.