SAN FRANCISCO, April 19 /PRNewswire-FirstCall/ -- Providian Financial
Corporation (NYSE: PVN) today announced that it has completed the sale of its
U.K. card business to Barclaycard, a division of Barclays PLC (NYSE: BCS).
The terms of the sale are consistent with those announced by Providian on
February 20, 2002.
As of today, Barclaycard has taken ownership of Providian's U.K. business,
which represented 377 million pounds sterling ($543 million) in receivables
and approximately 500,000 account relationships. Barclaycard has also taken
ownership of Providian facilities in London and in Crawley.
"The closing of this sale represents an important milestone in building
the new Providian," said Joseph Saunders, president and CEO of Providian.
"I'd also like to thank the nearly 600 UK employees who have served Providian
with such dedication and professionalism, and wish them the very best in their
careers with Barclaycard."
In November 2001, Providian announced it would seek to sell the Company's
U.K. credit card business as part of its five-point plan to rebuild investor
confidence and shareholder value.
About Providian
San Francisco-based Providian Financial is a leading provider of credit
cards and deposit products to customers throughout the U.S.
Forward-looking statement disclaimer:
This release contains forward-looking statements as to the Company's
expectations, intentions and goals that are subject to the "safe harbor"
provisions created by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include expressions of "belief," "expectations,"
"intentions" and other words of similar import, statements as to industry and
economic trends and future results of the Company, and other statements that
are not historical facts. Such forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Among the
significant risks and uncertainties are: competitive pressures; factors that
affect delinquency rates, credit loss rates and charge-off rates; general
economic conditions; consumer loan portfolio growth; changes in the cost
and/or availability of funding due to changes in the deposit, credit or
securitization markets; changes in the way in which the Company is perceived
in such markets and/or conditions relating to existing or future financing
commitments; the effects of government policy and regulation, whether of
general application or specific to the Company, including restrictions and/or
limitations relating to the Company's minimum capital requirements, deposit
taking abilities, growth, reserving methodologies, dividend policies and
payments, growth, and/or underwriting criteria; changes in accounting rules,
policies, practices and procedures; product development; legal and regulatory
proceedings, including the impact of ongoing litigation; interest rates;
acquisitions; 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. Readers are cautioned not to place
undue reliance on forward-looking statements, which speak only as of the date
thereof. The Company undertakes no obligation to update any forward-looking
statements. More information on risks and uncertainties relating to the
Company are available in the Company's filings with the Securities and
Exchange Commission, including its annual report on Form 10-K, quarterly
reports on Form 10-Q, and current reports on Form 8-K.
SOURCE Providian Financial Corporation
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Related links:
http://www.providian.com
CONTACT:
media, Alan Elias, +1-415-278-4189, or Laurel
Munson, +1-415-278-4770, or investors, Jack Carsky,
+1-415-278-4977, or Bill Horning, +1-415-278-4602, all of
Providian Financial Corporation
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