Washington Mutual Inc. will acquire Providian Financial, a large credit card issuer and mailer, for $6.45 billion in cash and stock.
The bank said it plans to retain Providian’s management team and infrastructure.
Joseph Saunders, Providian CEO, will continue to run the credit card business. Other Providian senior managers will also join Washington Mutual.
The acquisition is expected to close in the fourth quarter.
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