Pitney Bowes Sells Mortgage Unit to ABN Amro

Completing its move out of non-core businesses, Pitney Bowes (PBI Quote) announced Friday that it was selling its mortgage services operation to a subsidiary of the Dutch banking giant ABN Amro (ABN Quote).

ABN Amro North America will buy Atlantic Mortgage and Investment, Pitney Bowes' mortgage servicing subsidiary, for an undisclosed sum. The terms of the deal will not be revealed until it closes, which is expected later this year or early next year. Atlantic Mortgage is based in Jacksonville, Fla., and provides billing, collection and processing services for investors in residential first mortgages.

In July, Pitney Bowes, the No. 1 maker of postal equipment in the U.S., announced its decision to sell Atlantic Mortgage. "It furthers our strategy to focus our resources on core businesses," said Murray Reichenstein, chief financial officer, in a statement. "We think this sale also provides ABN Amro with a good strategic fit for its business." ...