SAN FRANCISCO, June 26 /PRNewswire-FirstCall/ -- Financial services
industry veteran Richard K. Lewis was named today as Chief Credit Officer of
Providian Financial Corporation (NYSE: PVN). He joins the Company effective
July 25, 2002.
Lewis joins Providian from Ford Motor Credit Company in Dearborn,
Michigan, where he was responsible for credit risk management strategies
associated with Ford Motor Credit's North American automotive loan portfolio.
Prior to that, Lewis spent 10 years with Fair, Isaac & Company, where he held
various positions, including leading that company's acquisition and investment
strategies.
"Richard brings a great deal of experience in consumer credit policy and
supporting analytics. His deep understanding of both the prime and "near
prime" credit segments fits perfectly with Providian's ongoing marketing
strategies," said James Jones, vice chairman of Credit and Collections.
"Providian's management team and the progress on its 5-point action plan
are impressive," said Lewis. "I'm also impressed with the enhanced targeting
and risk assessment of customer segments, which is a significant part of
Providian's balanced, full-spectrum portfolio strategy."
About Providian
San Francisco-based Providian Financial is a leading provider of lending
and deposit products to customers throughout the United States. The Company
has $20 billion in managed receivables and more than 13 million customers.
Forward-Looking Statement
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, credit loss
rates, liquidity 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 applicability or specific
to the Company, including restrictions and/or limitations on the Company's
minimum capital requirements, deposit taking abilities, reserve methodologies,
dividend policies and payments, growth, and/or underwriting criteria; year-end
audit adjustments; changes in accounting rules, policies, practices and/or
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. 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, 2001 under the heading "Cautionary Statements" and "Risk
Factors." 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 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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