SAN FRANCISCO, March 7 /PRNewswire-FirstCall/ -- Providian Financial
Corporation (NYSE: PVN) announced today that it has entered into an agreement
to sell its Argentine operations, including Providian Financial S.A. and
Providian Bank S.A., to a local investor group in Buenos Aires. The Company
did not disclose the terms of the transaction, but indicated that, after
taking into account charges taken during the fourth quarter of 2001, it
expected to record a modest gain on the sale, subject to currency fluctuations
prior to the transaction's close. The sale is contingent upon regulatory
approval by the Argentina bank regulatory authorities and other customary
closing conditions, and is expected to close in the second quarter of 2002.
As part of its five-point strategic action plan, Providian announced in
November of 2001 its intention to sell its international operations. The
Company announced in February that it had reached an agreement to sell its
United Kingdom operations.
Forward-looking statement disclaimer:
Certain statements contained in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
and are subject to the "safe harbor" created by those sections.
Forward-looking statements include expressions of "belief," "anticipation," or
"expectations" of management, statements as to industry trends or future
results of operations of the Company, and other statements that are not
historical fact. Forward-looking statements are based on certain assumptions
by management and are subject to risks and uncertainties that could cause
actual results to differ materially from those in the forward-looking
statements. These risks and uncertainties include, but are not limited to:
competitive pressures; factors that affect delinquency rates and charge-off
rates; general economic conditions; consumer loan portfolio growth; changes in
the cost and/or availability of funding; the effects of government policy and
regulation, dividend policies and payments, changes in accounting rules,
policies, practices and/or procedures; product development; legal and
regulatory proceedings, one-time charges; extraordinary items; the ability to
attract and retain key personnel; the impact of existing, modified or new
strategic initiatives; and international factors. These and other risks and
uncertainties are described in detail in the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2000 under the heading "Cautionary
Statements." Readers are cautioned not to place undue reliance on any
forward-looking statement, which speaks only as of the date thereof. The
Company undertakes no obligation to update any forward-looking statements.
SOURCE Providian Financial Corporation
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Related links:
http://www.providian.com
CONTACT:
media, Alan Elias, +1-415-278-4189, or
investors, Jack Carsky, +1-415-278-4977, both of Providian
Financial Corporation
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