SAN FRANCISCO, Oct. 30 /PRNewswire-FirstCall/ --
Providian Financial Corporation (NYSE: PVN) today announced that Providian
National Bank has completed its previously announced initial funding under a
conduit securitization in its Gateway Master Trust. The initial tranche, which
totals $500 million, is part of an overall facility in the aggregate amount of
$1.5 to $2 billion that the Company is working to structure.
About Providian
San Francisco-based Providian Financial 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. One of
America's largest bankcard issuers, Providian has over $19 billion in managed
receivables and more than 12 million customer relationships.
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; the success of product development efforts; 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 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, 2001 under the headings "Cautionary
Statement Regard Forward-Looking Information" and "Risk Factors." Readers are
cautioned not to place under 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.
Note: Investor information is available on Providian Financial's website
at http://www.providian.com.
SOURCE Providian Financial Corporation
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Related links:
http://www.providian.com
CONTACT:
investors, Jack Carsky, +1-415-278-4977, or
Bill Horning, +1-415-278-4602, or press, Alan Elias,
+1-415-278-4189, or Laurel Munson, +1-415-278-4770, all of
Providian Financial Corporation
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