Capital One Completes Acquisition of Discover Financial Services
Capital One Financial Corporation has successfully completed its acquisition of Discover Financial Services, combining two innovative companies to enhance customer experiences across consumers, businesses, and merchants.
1. Acquisition Overview
- Deal announced February 19, 2024, and approved by key regulators including the Federal Reserve and Delaware State Bank Commissioner.
- Stockholders of both companies approved the acquisition on February 18, 2025.
- Capital One expanded its Board of Directors to include former Discover board members Thomas G. Maheras, Michael Shepherd, and Jennifer L. Wong.
2. Customer Impact
- Customer accounts and banking relationships remain unchanged at present.
- Capital One will continue to offer Discover-branded credit card products alongside its existing cards.
- Discover, PULSE, and Diners Club International networks will integrate into Capital One’s suite of offerings.
- Customers will receive advance communication before any changes.
3. Strategic Vision and Leadership Comments
- Richard D. Fairbank, Capital One Founder and CEO, emphasized the combined company’s mission to deliver breakthrough financial products and experiences.
- Acknowledgment of Discover’s leadership and associates for their role in facilitating a smooth transition.
4. Community Investment Commitment
- Capital One launches a $265 billion Community Benefits Plan tied to the acquisition.
- Plan focuses on lending, investing, and supporting initiatives to boost economic opportunity and financial wellness across the U.S.
5. Advisory Teams
- Legal and financial advisory teams included Wachtell, Lipton, Rosen & Katz, Cleary Gottlieb, Centerview Partners, Sullivan & Cromwell, PJT Partners, and Morgan Stanley.
Capital One’s acquisition of Discover marks a significant milestone, enhancing product offerings and reinforcing its commitment to community investment and financial inclusion across America.
