B&B outsources credit risk to Euristix

B&B outsources credit risk to Euristix

State-owned Bradford & Bingley (B&B) has outsourced its credit risk management to London-based consultancy Euristix as it winds down its mortgage business.

In September B&B's retail deposit accounts and branch network were transferred to Abbey, with the UK government taking over the rest of the business, including the mortgage operation.

The firm is planning to outsource several operations as it winds down the business, beginning with the Euristix deal.

The 12 members of B&B's credit risk management department have been transferred to Euristix in a move the two companies say will "provide career paths to these highly skilled staff" as the mortgage book is wound down.

The staff will continue to be based at B&B's site in West Yorkshire where they will work on monitoring the mortgage portfolio and strategies to deal with credit and arrears management.

Roger Hattam, operations director, B&B, says: "It is a very highly specialised area. Effectively we took the view that it was going to be a very difficult area to recruit into in our own name and it was still a business critical activity going forward."

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