Industry News

WaMu finalizes buyout of Providian

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Washington Mutual Washington Mutual, the biggest U.S. savings and loan, completed its purchase of credit-card provider Providian in a cash and stock transaction valued at $6.1 billion, the company said Monday. The deal, announced in June, brings together two of the nation's leading retail financial services companies and gives Washington Mutual entry into the credit-card business. The company will roll out a Washington Mutual-branded credit card over the next year, complete with a mid-October direct-mail marketing campaign, Washington Mutual said. Providian CEO Joseph Saunders will continue to lead the credit-card unit from San Francisco as president of the new Washington Mutual Card Services Division. He will report directly to Washington Mutual President and Chief Operating Officer Steve Rotella, the companies said. "We're excited to welcome the Providian team to the Washington Mutual family," Washington Mutual Chairman and CEO Kerry Killinger said in a statement. "It is a tr...