Accenture to Provide Application Development and Maintenance Support
And Services
SAN FRANCISCO, Aug. 6 /PRNewswire-FirstCall/ -- Providian Bancorp
Services, a subsidiary of Providian Financial Corporation (NYSE: PVN), and
Accenture (NYSE: ACN) have signed an agreement under which Accenture will
provide Providian with technology application development and maintenance
services.
The arrangement, which is part of Providian's strategy to enhance
operational efficiency and IT flexibility, calls for the two organizations to
work together to increase the service levels and performance of Providian's IT
operations. The agreement builds on Providian's existing relationship with
Accenture, which has previously assisted Providian in upgrading its credit
card technology platform, among other initiatives. Providian plans to
administer the relationship through its Enterprise Technology group.
"This outsourcing agreement with Accenture marks another important step
toward streamlining our operations infrastructure. With this agreement in
place, we anticipate reduced costs, more efficient operations, access to an
expanded pool of talent, and more flexibility than ever in how we deploy our
resources," said Jim Saber, executive vice president and chief information
officer.
"Outsourcing through Accenture is the logical choice to execute
Providian's strategy," said Jim Sikora, the Accenture partner leading the
applications outsourcing strategy. "We aim for Providian to benefit from an
experienced outsourcing operation, lower costs and leading technology, as well
as the further development of a strong relationship with Accenture."
About Accenture
Accenture is a global management consulting and technology services
company. Committed to delivering innovation, Accenture collaborates with its
clients to help them realize their visions and create tangible value. With
deep industry expertise, broad global resources and proven experience in
consulting and outsourcing, Accenture can mobilize the right people, skills,
alliances and technologies. With more than 80,000 people in 47 countries, the
company generated net revenues of $11.6 billion for the fiscal year ended
August 31, 2002. Its home page is http://www.accenture.com.
About Providian
San Francisco-based Providian Financial (http://www.providian.com) is a leading
provider of credit cards and deposit products to customers throughout the U.S.
By combining experience, analysis, technology and outstanding customer
service, Providian seeks to build long-lasting relationships with its
customers by providing products and services that meet their evolving
financial needs.
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,
which are subject to the "safe harbor" created by those sections.
Forward-looking statements include, without limitation: expressions of
"belief," "anticipation," or "expectations" of management; statements as to
industry trends or future results of operations of the Company and its
subsidiaries; 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 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 the Company is perceived in such
markets and/or conditions relating to existing or future financing
commitments; the effect of government policy and regulation, whether of
general applicability or specific to the Company, including restrictions
and/or limitations relating to the Company's minimum capital requirements,
deposit taking abilities, reserving methodologies, dividend policies and
payments, growth, and/or underwriting criteria; year-end audit adjustments;
changes in accounting rules, policies, practices and/or procedures; the
success of product development efforts; legal and regulatory proceedings,
including the impact of ongoing litigation; interest rates; one-time charges;
extraordinary items; the ability to recruit and replace key personnel; and the
impact of existing, modified, or new strategic initiatives. These and other
risks and uncertainties are described in detail in the Company's Annual Report
on Form 10-K and Annual Report to Stockholders for the fiscal year ended
December 31, 2002 under the headings "Cautionary Statement Regard
Forward-Looking Information" 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
Investors, Jack Carsky, +1-415-278-4977, both of Providian
Financial Corporation; or Joe Krakoviak of Accenture,
+1-917-452-2406
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