Providian to Sell U.K. Credit Card Business to Barclaycard

Share this content:
Providian Financial Corp. has entered into a conditional agreement to sell its U.K. credit card business to Barclaycard, a division of Barclays Bank PLC.


Specific financial terms of the deal were not disclosed, but San Francisco-based Providian said it expects to receive a "premium in the low double digits." The deal is expected to close early in the second quarter.


Providian said its U.K. credit card business represents about $570 million in receivables and has 500,000 accounts.


Separately, Barclaycard said it joined forces with Lycos in Europe to devise a marketing strategy designed to target Lycos users in Germany, France and Spain. It also plans to expand its relationship with the portal in Italy, Sweden and the United Kingdom.


The deal calls for Lycos to take a more active role in deciding when and where Barclaycard banners should be placed on Lycos network sites.


Loading links....

Sign up to our newsletters

Company of the Week

Since 1985, Melissa Data has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa Data offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here