02/20/02 20:22:00 Providian Division Bought by Barclays .c The Associated Press SAN FRANCISCO (AP) - Providian Financial Corp. has agreed to sell its credit card business in the United Kingdom to a division of Barclays Bank. The sale, affecting 500,000 accounts with outstanding loans totaling $570 million, is part of San Francisco-based Providian's effort to shore up its finances in the face of rising losses. Providian didn't disclose the sales price Wednesday, but said it expected to receive a premium ``in the low double digits.'' The company also is trying to sell its business in Argentina. Earlier this month, Providian sold 3.3 million accounts with $8.2 billion in loans to J.P. Morgan Chase & Co. for $2.87 billion. Providian expects the sale of its United Kingdom business to be wrapped up by July. The company's shares dipped 1 cent Wednesday to close at $4.07 on the New York Stock Exchange. --- On The Net: http://www.providian.com
