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The pending merger between Capital One and Discover Financial services received approval from several regulators Friday, bringing the $35 billion tie-up closer to completion.
Capital One and Discover Financial Services said Friday (April 18) that they have received all required regulatory approvals to complete Capital One's proposed acquisition of Discover.
Federal regulators approved Capital One's (COF) bid to become America's largest credit card lender, signing off on the company's purchase of Discover (DFS) on Friday.
The deal joins two of the largest credit card companies that aren't banks first, like JPMorgan and Citi, with the notable exception of American Express.
Acquisition expected to be completed on 18 May after Federal Reserve and currency comptroller sign off on deal
The Federal Deposit Insurance Corp. (FDIC) and the Federal Reserve Board fined Discover Financial Services and two subsidiaries, Discover Bank and DFS Services LLC, alleging that they misclassified consumer credit cards as commercial, thereby requiring merchants to pay higher interchange fees. The FDIC said Wednesday (April 16) that it ordered Discover Bank to pay $1.
Capital One Financial's application to acquire Discover Financial Services has officially been approved by the Federal Reserve Board and the Office of the Comptroller of the Currency. Capital One announced plans to acquire Discover in an all-stock transaction valued at $35.3 billion in February 2024.
The deal expands Capital One's reach and gives it a card network.
The Federal Reserve and Office of the Comptroller of the Currency said on Friday they have approved the merger of Capital One and Discover, clearing the last major hurdles for a tie-up between the two banks.
MCLEAN, Va, & RIVERWOODS, Ill.--(BUSINESS WIRE)--Capital One Financial Corporation (NYSE: COF) and Discover Financial Services (NYSE: DFS) today announced that the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency have approved Capital One's proposed acquisition of Discover. This approval follows approval of the transaction by the Delaware State Bank Commissioner in December 2024, and by shareholders of more than 99 percent of each company's shar.