Infosys to acquire 75% stake in ABN AMRO Bank subsi

India’s second largest IT services firm Infosys on Thursday said it would acquire 75% stake in ABN AMRO Bank’s wholly-owned subsidiary, Stater,, for 127.5 million euros (about Rs 989 crore). Both the companies have signed an agreement to this effect. Founded in 1997, Stater provides end-to-end mortgage administration services in the Netherlands, Belgium and Germany.

As part of the deal, Infosys will acquire 75% of the shareholding in Stater, while ABN AMRO will continue to hold the remaining 25%, Infosys said in a statement. Infosys said the partnership was in alignment with its strategy to strengthen its mortgage servicing capabilities in Continental Europe.

The transaction is expected to close during the first quarter of fiscal 2020, subject to customary closing conditions, it added. “This transaction strengthens our approach to offer clients digital platforms and industry focused solutions.