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Capital One Finalizes Acquisition of Discover Financial Services
Capital One Financial Corporation (NYSE: COF) has officially completed its acquisition of Discover Financial Services, marking a significant move in the financial services industry. The deal, first announced in February 2024, brings together two innovative, mission-driven companies and aims to deliver breakthrough products and services to consumers, businesses, and merchants.
Key Milestones and Regulatory Approvals
The acquisition process was extensive, with approval from multiple regulatory bodies. On April 18, 2025, the deal was approved by the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency, followed by approval from the Delaware State Bank Commissioner on December 18, 2024. Shareholders from both Capital One and Discover voted in favor of the acquisition on February 18, 2025.
In line with the acquisition, Capital One expanded its Board of Directors from 12 to 15 members. New appointments include Thomas G. Maheras, Michael Shepherd, and Jennifer L. Wong, all members of Discover’s former Board of Directors. This strategic expansion aims to bring additional expertise and perspective to the combined company.
What Customers Can Expect
For now, Capital One and Discover customers will not see any immediate changes. Customer accounts and banking relationships will remain unaffected, and users will continue to access their accounts through the existing Capital One and Discover platforms. Capital One has reassured its customers that comprehensive information will be provided in advance of any changes.
Capital One has also confirmed that it will continue to offer Discover-branded credit cards alongside its own consumer card offerings.
A Commitment to Community Investment
As part of the acquisition, Capital One is now set to implement its historic $265 billion Community Benefits Plan. This plan, developed in collaboration with leading community organizations, aims to mobilize funding and support for lending, investment, and services designed to strengthen economic opportunity and financial well-being across the U.S.
Capital One’s commitment to local communities has long been a priority, and the Community Benefits Plan is poised to make a significant impact in advancing these goals.
Advisors and Legal Counsel
Capital One was advised by Wachtell, Lipton, Rosen & Katz, with Cleary Gottlieb acting as co-antitrust legal advisor and Centerview Partners LLC serving as financial advisor. For Discover, Sullivan & Cromwell LLP served as legal advisor, while PJT Partners and Morgan Stanley & Co. LLC acted as financial advisors.
Capital One’s Expanding Footprint
Capital One’s acquisition of Discover Financial Services positions the company as a major force in the financial services industry. With $367.5 billion in deposits and $493.6 billion in total assets as of March 31, 2025, Capital One continues to offer a broad spectrum of financial products and services to consumers, small businesses, and commercial clients.
Headquartered in McLean, Virginia, Capital One operates across a variety of financial sectors, including retail banking, credit cards, auto loans, and more. The company’s inclusion in the S&P 100 index and its status as a Fortune 500 company further solidify its role in shaping the future of finance.
Conclusion: A New Chapter for Capital One and Discover
The completion of the acquisition represents a significant milestone for both Capital One and Discover Financial Services, combining strengths in product innovation, customer experience, and community investment. As the companies work together to deliver more comprehensive and impactful financial services, customers and investors alike will be watching closely to see how this merger unfolds.
