Discover Financial Services (DFS, Financial) and Capital One Financial Corporation have jointly announced the receipt of regulatory approval from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency for their planned merger. This significant milestone paves the way for the merger of Discover and Capital One, as well as their respective bank subsidiaries, Discover Bank and Capital One, National Association.
The merger, initially announced on February 19, 2024, is set to proceed following the satisfaction or waiver of remaining closing conditions as outlined in the Agreement and Plan of Merger. With all necessary regulatory approvals now in place, the transaction is expected to close on or around May 18, 2025.
This strategic merger is anticipated to enhance the combined entity's market position and operational capabilities, offering expanded services to customers. Investors and stakeholders are advised to stay informed as the companies move towards finalizing this transformative transaction.
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