Capital One Financial has concluded the $35.3bn acquisition of US-based Discover Financial Services.

The acquisition received necessary approvals from regulatory bodies, including the board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency in April this year, and the Delaware State Bank Commissioner in December 2024.

Shareholders from both Capital One and Discover voted in favour of the acquisition in February 2025.

As part of the acquisition, Capital One has increased its board of directors from 12 to 15 members, appointing Thomas Maheras, Michael Shepherd, and Jennifer Wong, who were previously on Discover’s board, to the new positions.

Currently, customer accounts and banking relationships for both Capital One and Discover will remain unchanged.

Capital One plans to maintain the Discover credit card products under the Discover brand, alongside its existing range of consumer cards.

The acquisition will also integrate the Discover, PULSE, and Diners Club International networks into Capital One’s offerings.

Capital One founder and CEO Richard Fairbank said: “This deal brings together two innovative, mission-driven companies that together are poised to deliver breakthrough products and experiences to consumers, businesses, and merchants.”

Legal advisory services for Capital One were provided by Wachtell, Lipton, Rosen & Katz, with Cleary Gottlieb acting as co-antitrust legal advisor and Centerview Partners serving as financial advisor.

Discover was advised by Sullivan & Cromwell, with financial advisory support from PJT Partners and Morgan Stanley.

Capital One Financial and offers a range of financial products and services to consumers, small businesses, and commercial clients through various channels.

As of 30 March 2025, the company and its subsidiaries reported $367.5bn in deposits and total assets amounting to $493.6bn.