Capital One completes acquisition of Discover

By Gloria Methri

Capital One Financial Corporation has officially completed its acquisition of Discover Financial Services, bringing together two major players in the U.S. banking and payments landscape. The completion follows a definitive agreement announced on 19 February 2024.

“This deal brings together two innovative, mission-driven companies that together are poised to deliver breakthrough products and experiences to consumers, businesses, and merchants,” said Richard D. Fairbank, Founder and Chief Executive of Capital One.

Fairbank also acknowledged the role of Discover’s leadership in achieving the deal milestone: “I am particularly grateful for the leadership and partnership of Discover’s Board of Directors, its Executive Management Committee, and interim CEO Michael Shepherd. Their advocacy for Discover and its customers, and our shared commitment to a successful closing, were instrumental in achieving today’s milestone. Through the efforts of thousands of associates across Capital One and Discover, we are well-positioned to continue our quest to change banking for good for millions of customers.”

Following the acquisition, Capital One has expanded its Board of Directors from 12 to 15 members. Former Discover Board members Thomas G. Maheras, Michael Shepherd, and Jennifer L. Wong have been appointed to Capital One’s board.

At this stage, the banking relationships and customer accounts for both Capital One and Discover remain unchanged. Customers will continue to be served through their respective channels and will be notified well in advance of any changes that may affect them. No immediate action is required from account holders.

Capital One also confirmed that it will continue offering Discover credit card products as Discover-branded cards, alongside its existing consumer card portfolio. Additionally, the Discover®, PULSE®, and Diners Club International® payment networks will be integrated into Capital One’s broader suite of financial offerings.

The deal signals a significant development in the U.S. financial services sector, as Capital One looks to expand its footprint in payments and deepen its presence across card networks.