Bradford & Bingley to end information-services venture

Bradford & Bingley and American telecommunications company Alltel have agreed to end an information-services joint venture in the UK.

The joint venture, Alltel Mortgage Solutions, provided mortgage administration and information-technology products to the British mortgage-lending industry.

Bradford & Bingley turned over its mortgage-processing operation and 600 employees to the joint venture in July 2000.

The companies blamed the move on business conditions in the UK.

Alltel says it will write down about US$30-50 million (€29.3-€48.9m) of costs related to the venture in the fourth quarter.

Alltel, with more than $7.7 billion (€7.5bn) in revenue, has communications customers in 26 states.

It also provides information services to telecommunications, financial and mortgage clients in more than 50 countries.