Providian Financial Holds Annual Meeting of Shareholders

    Business Editors

    SAN FRANCISCO--(BUSINESS WIRE)--May 5, 2005--Providian Financial Corporation (NYSE:PVN) today held its annual meeting of shareholders in Monterey, California.
    Providian shareholders re-elected board members James P. Holdcroft, Jr., Ruth M. Owades, and Jane A. Truelove for terms of three years each. The shareholders also approved the material terms of the Company's amended and restated Management Incentive Plan, and ratified the appointment of Ernst & Young LLP, the Company's current auditor, to remain as its independent auditor for the 2005 calendar year.
    The Company also announced the retirement of Providian board member J. David Grissom, who has served on the Providian board since 1997, and had been a member of the board of Providian Financial Corporation's former parent company since 1978. "The board of directors, my management team and I are very grateful to David for the keen insight and principled leadership he has consistently brought to Providian's board during his tenure. He will be missed," said Joseph Saunders, Providian's chairman, president and chief executive officer.

    About Providian

    San Francisco-based Providian Financial Corporation (www.providian.com) is a leading provider of credit cards to mainstream American consumers throughout the United States. By combining experience, analysis and technology, Providian seeks to build long-lasting relationships with its customers by providing products and services that meet their evolving financial needs.

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CONTACT: Providian Financial Corporation Victoria Hyde-Dunn, 415-278-4282 (investors) Alan Elias, 415-278-4189 (media)

KEYWORD: CALIFORNIA INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES SOURCE: Providian Financial Corporation

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