For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Infosys To Purchase 75% Stake In ABN AMRO Group's Stater; Shares Gain

|

Infosys Ltd on Thursday said that it will be buying a 75 percent stake in ABN AMRO Group NV's mortgage administration services unit for 127.5 million euros ($143.53 million).

Infosys Consulting Pvt Ltd will acquire a controlling stake in Stater N.V., a mortgage services company that operates in the Netherlands and Belgium. The transaction is expected to close in the first quarter of the financial year 2019-20.

Infosys To Purchase 75% Stake In ABN AMRO Group's Stater; Shares Gain
 

The acquisition is in line with Infosys' strategy to its strength in the mortgage servicing business in Continental Europe, the company said in a statement.

"This partnership (with ABN AMRO) strengthens Infosys' position as a leading technology and business process management provider across the mortgage services value chain, improving the experience and operational efficiencies, and further enhances the company's strategy to help clients navigate their next digital transformation journeys,' it said.

The parent company ABN AMRO will continue to hold the remaining 25% stake in Stater. ABN AMRO, the third largest bank in the Netherlands headquartered in Amsterdam.

Shares of Infosys Ltd rose as much 2 percent to an intraday high of Rs 745 apiece on NSE. Nifty IT Index gained as much as 1.5 percent in trade on Thursday after the Indian rupee declined, benefiting the IT sector companies that make a large portion of their earnings from exporting software.

Read more about: infosys
Story first published: Thursday, March 28, 2019, 14:17 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more