SAN FRANCISCO, May 13 /PRNewswire-FirstCall/ -- Providian Financial
Corporation (NYSE: PVN) announced today that it has received approval from
Argentina's bank regulating authorities and has completed the sale of its
Argentine operations. A local investor group in Buenos Aires purchased the
business, which includes Providian Financial S.A. and Providian Bank S.A. The
terms of the sale are consistent with those announced by Providian on March 7,
2002.
"With the completion of this sale, Providian can now completely focus on
strengthening and building our U.S.-based business. We developed a strong
team of employees and managers in Argentina, and I want to wish them and the
new owners well," said Providian President and CEO Joseph Saunders.
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:
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
 back to top
Related links:
http://www.providian.com
CONTACT:
Media, Alan Elias, +1-415-278-4189, or
Investors, Jack Carsky, +1-415-278-4977, both for Providian
Financial Corporation
|
