Capital One Financial de Tysons, Virginia, is now the largest credit card issuer after receiving final regulatory approval for its acquisition of discovers Financial.
Capital One Financial de Tysons, in Virginia, is now the largest credit card issuer in the country, or at least technically, after receiving final regulatory approval for its acquisition of Discover Financial.
Capital One announced its intention to buy Discover in February 2024 in an agreement worth $ 35 billion.
Friday, the federal reserve and the office of the currency controller approved the agreement. The Ministry of Justice signed the agreement in early April, its antitrust division finding no sufficient evidence to challenge it, despite anti -competitive concerns.
The merger is expected to close on May 18. Customers will not see any immediate modification of their accounts, said Capital One.
“We understand the crucial importance of a strong and competitive banking system for our customers and our economy, and we appreciate the thoughtful and diligent engagement of our regulators when they have in depth this agreement in the past 14 months,” said Richard Fairbank, founder, president and chief executive officer of Capital One.
In addition to becoming the largest credit card transmitter in the United States, Capital One will control a third of the credit card market for subprime borrowers.
Capital One was transferred from a financial sign Corporation in 1994 and finally extended to other loan products, such as car loans. His banking business has developed considerably over the years. It has $ 363 billion in deposits and $ 490 billion in total assets. It is classified as the largest bank by deposits in the Metropolitan region of DC and represents almost 20% of the market share of retail and business banks.
Capital One has used the advertising slogan “What is in your wallet” since 2000.
Discover the 1980s, being part of the financial services activity of the Sears store chain. Thanks to several property changes, Discover Financial became an autonomous financial service company in 2007.
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