Acquisition

Barclays PLC
20 February 2002

                                                               February 20, 2002


BARCLAYCARD TO BUY PROVIDIAN'S UK CREDIT CARD OPERATION

Barclays PLC today announces that Barclays Bank has signed a conditional
agreement to acquire the UK credit card operation of Providian Financial
Corporation (NYSE:PVN).

The deal, which is expected to be completed in the second quarter of this year,
will be  conditional upon clearance from the appropriate regulatory authorities.


The announcement comes just days after Barclays announced divisional operating
profits for Barclaycard of £555 million for 2001, up 20 per cent against the
previous year, within the overall Barclays Group results.  Barclaycard has
previous experience of integrating credit card portfolios having recently
incorporated the Woolwich credit card business.


The move underlines Barclaycard's stated strategy to grow its core UK credit
card business and gives Barclaycard £395 million in receivables and £10 million
other net assets from the American-owned business's approximately 500,000
customers in the UK*.


Providian is regarded as a leader in customer data management and customer
acquisition which will complement Barclaycard's own existing expertise in this
area and its experience in assessing and managing customer value and risk.


Commenting on the deal, Barclaycard Chief Executive Gary Hoffman said: 'This is
a major development for our business and underlines our position as the UK's
leading credit card brand.


                                     - 2 -

'The acquisition of Providian will extend our customer base and provide us with
additional expertise in key areas including information based customer
management.

'Providian's expertise will help us move forward significantly in targeting
products more specifically to customers' needs.


'As a result of this deal, there will be the opportunity to provide Providian
customers with access to a broader range of financial products which come with
the Barclaycard brand.'


                                      Ends


* Prepared under US GAAP; not audited


For further information please contact:


Barclays Investor Relations
Raghnall Craighead:      0207 699 4525


Barclaycard Press Office
Mark Gonnella:           0207 699 3161


                      This information is provided by RNS
            The company news service from the London Stock Exchange