Providian Financial's First Select Corporation Achieves Billion Dollar Milestone in its First Year of Operation

Oct 13, 1999, 01:00 ET from Providian Financial Corporation

    SAN FRANCISCO, Oct. 13 /PRNewswire/ -- Providian Financial Corporation
 (NYSE:   PVN) announced today that First Select Corporation, its wholly owned
 subsidiary, has completed its first year of operation and has secured more
 than $1 billion in contracts with seven of the nation's top credit card
 issuers. The agreements represent commitments from creditors to sell their
 charged-off receivables to First Select.  First Select, which specializes
 in the rehabilitation of consumer debt, offers accountholders a range of
 payment plans to help them pay off this debt as quickly as possible and
 begin to rebuild their credit.
     "Our success in achieving the billion dollar milestone in our first year
 demonstrates that our operating philosophy is right on the mark," said
 Roger Van Duinen, President of First Select.  "Our goal is to bring value
 both to the financial institutions from whom we purchased the accounts and
 to our newly acquired customers by helping them to rebuild their financial
     By selling charged-off debt to First Select, financial institutions can
 improve their bottom lines and exit non-strategic markets.  They can also
 rely on First Select's consistency in the marketplace since First Select is
 backed by the financial stability of Providian Financial. In addition,
 First Select offers value to the customers whose accounts are purchased.
 According to Robert J. Hanna, First Select's Senior Vice President,
 Business Development, "First Select never loses sight of the fact that
 every one of the accounts we purchase represents a valued customer," he
 said. "With that in mind, First Select's mission is to treat all customers
 with dignity, trust and respect, while working with each accountholder to
 customize a payment plan for them." First Select also strives, once
 customers fulfill certain repayment commitments, to assist them in
 acquiring new credit.
     "First Select fits well with Providian's mission of helping people build
 or rebuild, responsibly use and protect their credit," said Shailesh J. Mehta,
 Providian's Chairman and Chief Executive Officer. "And this business
 represents an additional avenue of growth for Providian Financial."
     San Francisco-based Providian Financial Corporation ( is
 a leading provider of lending and deposit products to customers nationwide
 and now offers credit cards in the United Kingdom. Providian serves a
 broad, diversified market with loan products that include credit cards,
 home equity loans, secured cards and membership services. With a commitment
 to 100% customer satisfaction, Providian's mission is to help its customers
 build or rebuild, protect and responsibly use credit by providing a quality
 borrowing experience that leads to active and lasting customer
 relationships. The sixth largest bankcard issuer in the nation, Providian
 has $18 billion in assets under management and over 10 million customers.

SOURCE Providian Financial Corporation