Capital One Financial Corporation has completed its acquisition of Discover Financial Services. The deal was announced on February 19, 2024, and was approved by the Federal Reserve System, Office of the Comptroller of the Currency, Delaware State Bank Commissioner, and Capital One and Discover stockholders.
The acquisition brings together two innovative companies with a shared mission to deliver breakthrough products and experiences to consumers, businesses, and merchants. Richard D. Fairbank, Founder and CEO of Capital One, expressed his gratitude for the leadership and partnership of Discover’s Board of Directors and Executive Management Committee.
The deal expands Capital One’s board from 12 to 15 members, with three new additions: Thomas G. Maheras, Michael Shepherd, and Jennifer L. Wong. The company intends to continue offering Discover credit card products alongside its other consumer cards, while integrating the Discover networks into its suite of offerings.
Capital One is committed to investing in local communities, expanding economic and financial opportunity, and implementing a historic $265 billion Community Benefits Plan. The acquisition is expected to bring significant benefits to consumers, businesses, and merchants, as well as advance lending, investment, and services to strengthen economic opportunity and financial well-being across America.
Contact information for media and investor relations is available on the Capital One website.
Source: https://www.businesswire.com/news/home/20250517147002/en/Capital-One-Completes-Acquisition-of-Discover