Barclays, Countrywide to end U.K. partnership

November 16, 2005, 12:00 a.m. EST 1 Min Read

Barclays plcannounced that it planned to sell back its 30% stake in a joint venture with California based Countrywide Financial Corp. by next April. Under the agreement, Countrywide provided support services for Barclays' home loan originations in Britain. Barclays now plans to process mortgages in-house with hopes that the move will revitalise its home loan business. The bank said it has appointed Mike Rogers as its new head of mortgages.

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