Capital One Financial Corporation (NYSE: COF) has announced the completion of the acquisition of Discover Financial Services.
“This deal brings together two innovative mission -based companies, which are ready to offer products and experiences for consumers, businesses and traders,” said Richard D. Fairbank, founder and CEO of Capital One.
“I am particularly grateful for the leadership and cooperation of the Discover Board of Directors, the Executive Management Committee and the Provisional Managing Director Michael Shepherd. Fairbank.
Capital One announced on 19 February 2024 that it had entered into a definitive agreement on the acquisition of Discover. The acquisition was approved by the Board of Directors of the Federal Reserve’s federal system and the office of the currency inspector on April 18, 2025 and by Delaware State Bank Commissioner on December 18, 2024.
In relation to the acquisition, Capital One expanded its Board of Directors from 12 to 15 and appointed Thomas G. Maheras, Michael Shepherd and Jennifer L. Wong, each member of the former Discover Board of Directors, to serve on the Capital One Board.
Currently, Capital One and discover customer accounts and banking relationships remain unchanged. Customers will receive comprehensive information before the upcoming changes. Until then, customers do not need to take any action and will continue to be served through their corresponding capital and discover tools and customers.
Capital One intends to continue to offer Discover Credit Card as cards they discover along with other Capital One today. Discover®, Pulse® and Diners Club International® networks will participate in the suite of our bids.