CFC India Services, the business process outsourcing arm of Countrywide Financial in India, is to merge with Bank of America's non-banking subsidiary, Continuum Solutions. According to a source, all Countrywide staff will be remunerated according to the Bank of America (BoA) salary structure, writes Debopriya Nandy.

Gautam Bahai, Head of operations, Countrywide (India) is expected to be given the charge of mortgages, while BA Continuum MD Avtar Monga is to head the KPO segment of the merged entity, reports the source. CFC India services is believed to be a part of BankAm's $ 2.5 billion global takeover of the loss-making Countrywide.

CFC India Services, so far have been operating as a Countrywide Financial Corporation subsidiary, with 3,500 seats in Mumbai and Hyderabad, while providing processing and infotech related services to Countrywide in the mortgage and similar financial services industry. Now the BoA in United States will drop the Countrywide name in India. X