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WaMu Deal Good for Cross-Sales.
Washington -- Looking to put credit cards in the hands of its mortgage and home-equity (as well as its retail banking) customers, Washington Mutual here has agreed to buy Providian Financial, a credit-card provider based in San Francisco. The deal is currently valued at $6.45 billion, with 89% being paid in WaMu stock and the rest in cash.
During a press conference call, WaMu chairman and chief executive Kerry Killinger said rather than sell mortgages and home-equity products to Providian customers, the primary synergies of this transaction are to cross-sell its mortgage servicing and new mortgage origination customers credit cards.
WaMu has a total of 14 million customers across all its product lines and the deal makes a "terrific opportunity" to get credit cards into their hands, he said.
Later in the press conference, Steve Rotella, WaMu president and chief operating officer, said the thrift's own market research found that its customers were "very interested" in getting a credit card from WaMu. It has not marketed its own cards until now. Previous WaMu-branded cards were issued through other firms including MBNA and Associates.
When asked if WaMu was worried that borrowers are turning to home-equity products to pay down outstanding credit-card balances, Mr. Rotella said that was more of an issue among prime and superprime borrowers, not the middle-market customer that Providian targets.
In fact, because WaMu does originate home-equity products, Mr. Rotella said the deal allows it to "cross-correlate risks across the businesses" based on which ever way interest rates ...
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Source: HighBeam Research, WaMu Deal Good for Cross-Sales.