Capital One Completes Acquisition of Discover Financial Services

MCLEAN, Va.–(BUSINESS WIRE)–May 18, 2025–Capital One Financial Corporation has finalized its acquisition of Discover Financial Services. This merger aims to provide enhanced products and services for its customers.

Richard D. Fairbank, Founder and CEO of Capital One, acknowledged the collaborative efforts of Discover’s leadership. He stated, “We are grateful for our shared commitment to achieving a successful closing of this deal.” The acquisition agreement was first publicized on February 19, 2024, and received necessary regulatory approvals by April 2025.

Shareholders from both companies endorsed the merger in February 2025. Following the acquisition, Capital One increased its Board of Directors from 12 to 15 members, bringing on three former directors from Discover.

In a statement, Capital One confirmed that it will continue to operate Discover’s credit cards under the Discover brand. The company plans to integrate Discover’s PULSE and Diners Club International networks into its existing suite of financial offerings. Customers will not notice immediate changes in their accounts, and any further updates will be communicated well in advance.

The acquisition includes a significant $265 billion Community Benefits Plan. This initiative will focus on improving economic opportunities across the United States through enhanced lending, investment, and service provisions. Additionally, legal and financial advisors, including Wachtell, Lipton, Rosen & Katz, facilitated this transition.