From Yahoo Finance: 2025-04-18 12:19:00

Capital One’s $35 billion purchase of Discover has been approved by key regulators, creating the largest credit card company in the US. The Federal Reserve and OCC gave the green light after meeting final conditions. The merger is consistent with statutory rules and will not reduce competition or pose risks to the financial system. Discover faces a $100 million fine for overcharging customers. The combined bank will have assets of $637.8 billion and a credit card network with over 300 million cardholders. The deal is set to close on May 18, 2025, pending customary conditions. CEO Richard Fairbank calls it an “exciting moment.”



Read more at Yahoo Finance: Capital One, Discover merger gets key approvals, paving way for a new biggest US credit card issuer