Subject category:
Finance, Accounting and Control
Published by:
Harvard Business Publishing
Version: 28 January 2008
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https://casecent.re/p/78289
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Abstract
On 3 October 2005, Washington Mutual acquired Providian Financial Corporation, the ninth-largest credit card issuer in the US, for USD6.5 billion. At the time, Providian had approximately 10 million customer relationships and a balance of USD18.6 billion. For some observers, the transaction was merely the end of another chapter in the history of the fast consolidating credit card market. For Providian Chief Executive Officer Joseph Saunders, it was vindication of four years' hard work in turning around a company that many thought was close to bankruptcy.
Location:
Industries:
Size:
USD2 billion
Other setting(s):
1997-2005
About
Abstract
On 3 October 2005, Washington Mutual acquired Providian Financial Corporation, the ninth-largest credit card issuer in the US, for USD6.5 billion. At the time, Providian had approximately 10 million customer relationships and a balance of USD18.6 billion. For some observers, the transaction was merely the end of another chapter in the history of the fast consolidating credit card market. For Providian Chief Executive Officer Joseph Saunders, it was vindication of four years' hard work in turning around a company that many thought was close to bankruptcy.
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Location:
Industries:
Size:
USD2 billion
Other setting(s):
1997-2005