ABN Amro: sells administrative mortgage service unit Stater
(CercleFinance.com) - Dutch banking group ABN Amro said that it has sold 75% of its shares in administrative mortgage services provider Stater to IT and business services company Infosys.
Stater provides services for over 1.3 million mortgage loans to more than 30 mortgage providers in the Netherlands.
ABN - which said that administrative mortgage services are not a "core activity" - said it will still keep a "strategic interest" of 25% in Slater and will continue to be a major client for the company.
While the bank did not disclose the financial terms of the deal, it said that the transaction will result in a capital gain on disposal and have a positive, although modest, impact on its capital ratios.
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