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FTU Announces Sale of $1.1 Billion Credit Card Portfolio CHARLOTTE - First Union Corporation (NYSE:FTU) announced today that it had signed a definitive agreement to sell a $1.1 billion portfolio of credit card receivables to Providian Financial Corporation (NYSE:PVN) at an undisclosed purchase price. The sale is expected to be completed on or about Jan. 30, 1998. The portfolio represents approximately 17 percent of First Union's $6.5 billion in managed credit card receivables as of Sept. 30, 1997, and is comprised of accounts that resulted from national credit card solicitations that began in 1994. "Our strategy is to reposition our portfolio and build our credit card and other consumer business by expanding relationships with our growing customer base on the East Coast," said Jack M. Antonini, executive vice president for First Union's Consumer Group. First Union is the nation's 6th largest banking and financial services company with assets of $144 billion as of Sept. 30, 1997. -END- |
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