ABN AMRO announced today that it has sold 75% of its shares in Stater to Infosys.
Stater is ABN AMRO's administrative mortgage services provider, providing services for over 1.3 million mortgage loans to more than 30 mortgage providers in the Dutch market. Infosys is an IT and business services provider that operates worldwide and is already active as a provider of administrative mortgage services in other countries.
Retaining a 25% interest in Stater, ABN AMRO will continue to be a strategic shareholder. Christian Bornfeld, member of the Executive Board of ABN AMRO: "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."
Erwin Dreuning, Managing Director of Stater: "We are eager to welcome Infosys as a new shareholder. As they are already active in mortgage administration services, Infosys offers specific expertise. The combined forces of ABN AMRO, Infosys and Stater ensures we have a solid basis to pursue our plans for further development of our service offering. Furthermore, it opens up opportunities for us to grow and service other clients."
The transaction will result in a gain on disposal and have a positive, though modest, impact on ABN AMRO's CET1 capital ratio. The closing date of the transaction is expected in the second quarter.
Questions / further information
ABN AMRO Press Office +31 (0)20 6288900 pressrelations@nl.abnamro.com (mailto:pressrelations@nl.abnamro.com)
ABN AMRO Investor Relations +31 (0)20 3837244 investorrelations@nl.abnamro.com (mailto:investorrelations@nl.abnamro.com)
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ABN AMRO via Globenewswire
