Capital One Financial has received final regulatory approval to acquire Discover Financial, making it the nation’s largest issuer of credit cards. The deal was valued at $35 billion when announced in February 2024. The Federal Reserve and Office of the Comptroller of the Currency have approved the acquisition, with the Justice Department also giving its seal of approval earlier this year.
The merger is expected to close on May 18, although customers will not see any immediate changes to their accounts. Richard Fairbank, Capital One’s CEO, expressed gratitude for regulators’ thorough review of the deal. The acquisition will give Capital One control over one-third of the credit card market for subprime borrowers.
As part of its expansion into other lending products, Capital One was spun off from Signet Financial Corporation in 1994 and has since grown significantly. With $363 billion in deposits and $490 billion in total assets, it is now the largest bank by deposits in the D.C. metro area and accounts for a significant share of the region’s retail and business banking market.
This acquisition marks a major milestone for Capital One, which will be one-third of the credit card market for subprime borrowers once the deal closes.
Source: https://wtop.com/business-finance/2025/04/capital-one-is-now-the-nations-largest-credit-card-company-with-discover-approval