Providian Financial announced this morning plans to open a new operations center in Louisville, Ky., to support the growth and expansion of the company’s consumer lending businesses. This is the company’s fifth expansion in 1999 and comes only one month after the State of Kentucky offered Providian preliminary approval for tax credits totaling $20 million for one thousand new jobs the company expects to create there in the next two years.
“The strong growth of the Company’s businesses has created the need to open an additional operations center. We are excited to be expanding our operations in the Louisville Metropolitan area,” said Providian Chairman and Chief Executive Officer Shailesh J. Mehta, “and as we grow, we are happy to be part of Kentucky’s economic development efforts.”
The new operations center will be Providian’s second in Kentucky. The company has had an established presence in Louisville since 1995, and currently employs 500 people there. Expected to open in the fall of 1999, the new office will comprise 90,000 square feet of leased space at the Hurstburne Green Office Park. The majority of that space will be devoted to operations for Providian’s credit card business and the company’s wholly-owned subsidiary, First Select Corporation. The remaining space will serve as a 5,000 square-foot training facility for the new sales, telecredit, and collections personnel who will staff those operations.
Today, Providian employs more than 8,000 people nationwide. Since becoming a public company in June 1997, they have created more than seven jobs per day. So far this year, the company has established new operations facilities in Pleasanton and Oakland, Calif.; Arlington, Texas; and London, aggregating approximately 350,000 square feet of space. Providian Financial Corporation
([http://www.providian.com]) 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 $18 billion in assets under management and over 10 million customers, Providian is committed to providing 100% customer satisfaction. San Francisco-based Providian Financial is one of the ten largest bankcard issuers in the nation, and in 1998 ranked as the seventh best performing stock in the S&P 500 and the single best performing stock in the S&P Financial Composite Index.