First Data Corp. 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.
About First Data Corp.
First Data Corp. (NYSE: FDC), with global headquarters in Denver, powers the global economy. As the leader in electronic commerce and payment services, First Data serves approximately 2.6 million merchant locations, 1,400 card issuers and millions of consumers, making it easier, faster and more secure for people and businesses to buy goods and services using virtually any form of payment. With 28,000 employees worldwide, the company provides credit, debit, smart card and stored-value card issuing and merchant transaction processing services; Internet commerce solutions; Western Union(R) money transfers and money orders; and check processing and verifications services through the United States, United Kingdom, Australia, Canada, Japan, Mexico, Spain, The Netherlands, the Middle East and Germany. Its money transfer agent network includes approximately 117,000 locations in more than 185 countries and territories. For more information, please visit the company’s Web site at [http://www.firstdata.com].