Capital One Financial Corporation and Discover Financial Services have obtained regulatory approvals for Capital One's acquisition of Discover. The necessary consents were received from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency. Prior approvals included unanimous consent from shareholders and the Delaware State Bank Commissioner.
Richard Fairbank, Founder, Chairman, and CEO of Capital One, expressed his appreciation for the regulatory review process. "This is an exciting moment for Capital One and Discover. We understand the critical importance of a strong and competitive banking system to our customers and our economy, and we appreciate the thoughtful and diligent engagement of our regulators as they thoroughly reviewed this deal over the past 14 months,” he stated. The company looks forward to completing the transaction, anticipated to close on May 18, 2025.
Michael Shepherd, Interim CEO and President of Discover, stated the merger aims to "increase competition in payment networks, offer a wider range of products to our customers, increase our resources devoted to innovation and security, and bring meaningful community benefits."
Capital One intends to implement a five-year Community Benefits Plan upon completion, which will mobilize over $265 billion in lending, investment, and services to promote economic opportunity.
No immediate changes to customer accounts or services will occur, and Capital One commits to providing detailed information ahead of future changes.
The completion of this transaction is contingent upon customary closing conditions.
For more details on this acquisition, visit www.capitalonediscover.com.