Capital One Completes Acquisition of Discover

Capital One Financial Corporation has announced the completion of its acquisition of Discover Financial Services. The deal brings together two companies in the financial services sector.

Richard D. Fairbank, Founder and CEO of Capital One, stated, "This deal brings together two innovative, mission-driven companies that together are poised to deliver breakthrough products and experiences to consumers, businesses, and merchants." Mr. Fairbank also expressed gratitude for the leadership and partnership of Discover's former Board of Directors, Executive Management Committee, and interim CEO Michael Shepherd, noting their advocacy and shared commitment were instrumental. He added that through the efforts of associates from both companies, they are "well-positioned to continue our quest to change banking for good for millions of customers."

Capital One first announced that it had entered into a definitive agreement to acquire Discover on February 19, 2024. The acquisition received regulatory approvals from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency on April 18, 2025, and from the Delaware State Bank Commissioner on December 18, 2024. Stockholders of both Capital One and Discover voted in favor of the transaction on February 18, 2025.

In connection with the acquisition, Capital One has expanded its Board of Directors from 12 to 15 members. The company has appointed three individuals who previously served on Discover's Board of Directors to the Capital One Board: Thomas G. Maheras, Michael Shepherd, and Jennifer L. Wong.

At this time, Capital One and Discover customer accounts and banking relationships are reported to remain unchanged. Customers are expected to receive comprehensive information in advance of any forthcoming changes. Until then, customers are advised that they do not need to take any action and will continue to be served through their respective Capital One and Discover customer tools and channels.

Capital One intends to continue offering Discover credit card products as Discover-branded cards alongside its other consumer card offerings. The Discover®, PULSE®, and Diners Club International® networks are stated to be joining Capital One's suite of offerings.