"The merger between Capital One and Discover is poised to reshape the US credit card landscape, especially by challenging Visa and Mastercard's dominance."
"Capital One's acquisition of Discover Financial, valued at $35 billion, aims to create a competitive force in the credit card industry, benefiting consumers."
The merger between Capital One and Discover Financial Services has received approval from the Federal Reserve and the Office of the Comptroller of the Currency (OCC), moving the $35 billion deal closer to completion. Originally announced in February 2024, it allows Capital One to integrate Discover's capabilities and expand its market share significantly. The Federal Reserve's consent order also addressed fines for Discover's past practices regarding interchange fees. The merger aims to position both companies as stronger competitors against industry giants like Visa and Mastercard, and is expected to close by May 18, 2024.
Read at www.theguardian.com
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