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20h ago

Capital One Finalizes $35.3 Billion Acquisition of Discover

The merger creates the sixth-largest U.S. bank, integrating Discover’s networks and expanding Capital One’s board.

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FILE - The logo for Capital One Financial is displayed above a trading post on the floor of the New York Stock Exchange, July 30, 2019. Capital One Financial is buying Discover Financial Services for $35 billion, in a deal that would bring together two of the nation's biggest lenders and credit card issuers, according to a news release issued by the companies Monday, Feb. 19, 2024. (AP Photo/Richard Drew, File)
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Overview

  • Capital One has completed its $35.3 billion acquisition of Discover Financial Services, first announced in February 2024.
  • The combined company becomes the sixth-largest bank in the U.S. by assets, aiming to challenge Visa and Mastercard’s dominance in payment networks.
  • Discover’s PULSE debit network and Diners Club International are now part of Capital One’s offerings, expanding its services and reach.
  • Capital One’s board has grown from 12 to 15 members, adding three former Discover directors to guide the merged entity.
  • Customer accounts and banking relationships remain unchanged for now, with updates on any future changes to be communicated in advance.