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Technology Stocks : FDC : First Data Corp
FDC 31.690.0%Aug 5 5:00 PM EST
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To: JakeStraw who wrote (275)1/16/2002 1:36:21 PM
From: JakeStraw  Read Replies (1) of 323
 
First Data to Process Chase Card Portfolio Acquisition
'Platinum' Level Providian Master Trust Adds to Accounts on File
biz.yahoo.com
DENVER, Jan. 16 /PRNewswire-FirstCall/ -- First Data Corp. (NYSE: FDC), a leader in global payment, today announced it will gain the credit card transaction processing for more than 3 million accounts through the JPMorgan Chase acquisition of the Providian Master Trust, comprised mainly of Providian's higher-quality or ``platinum'' level assets. JPMorgan Chase announced the acquisition today.

First Data, the transaction processing market leader with 312 million accounts on file, will convert the portfolio later this year. The acquisition, expected to be completed in the first quarter, will increase Chase's credit card portfolio to more than 27 million accounts and more than $49 billion in outstandings. Chase presently ranks as the fourth largest bankcard issuer and the fifth largest credit card issuer in the United States.

``This is a tremendous expression of Chase's confidence in our strategic partnership and further strengthens our position as the leader in transaction processing,'' said Charlie Fote, president and chief executive officer. ``We're pleased that Chase recognizes the competitive edge that we provide to help our clients more closely connect to their customers and more quickly respond to marketplace demands,'' he added.
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