Capital One Financial Corporation has successfully finalized its acquisition of Discover Financial Services, an all-stock transaction valued at $35.5 billion. This merger combines two of the leading credit card issuers globally, with Capital One's CEO Richard D. Fairbank emphasizing the complementary strengths of both companies. The acquisition is positioned to enhance their ability to innovate and compete in the payments network sector. Capital One reported a net income of $1.4 billion in April, while Discover reported $1.1 billion, indicating strong financial positions prior to the merger.
"Through the efforts of thousands of associates across Capital One and Discover, we are well-positioned to continue our quest to change banking for good for millions of customers."
Fairbank highlighted the acquisition as a "singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies."
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