Tysons, Virginia-based Capital One Financial is now the nation’s largest issuer of credit cards, or at least technically soon will be, after receiving final regulatory approval for its acquisition of Discover Financial.
Capital One announced its intention to buy Discover in February 2024 in a deal valued at $35 billion.
On Friday, the Federal Reserve and the Office of the Comptroller of the Currency approved the deal. The Justice Department signed off on the deal in early April, with its antitrust division finding no sufficient evidence to challenge it, despite anti-competitive concerns.
The merger is expected to close May 18. Customers will see no immediate changes to their accounts, Capital One said.
Click here to read the rest of the article written by Jeff Clabaugh over at WTOP
