This development marks a significant milestone in the merger process, which had already received approval from Delaware’s State Bank Commissioner in December 2024 and garnered the support of over 99% of shareholders from both companies in a February 2025 vote.
The completion of the regulatory review comes after a thorough 14-month evaluation period, with regulators assessing the potential impacts of the deal on competition and market dynamics. With all required regulatory approvals now in place, Capital One and Discover are positioned to finalise the transaction by May 18, 2025, pending satisfaction of customary closing conditions.
The merger between Capital One and Discover is expected to drive improvements in the landscape of payment networks. By combining the strengths of both organisations, the transaction will enable a broader range of financial products and services, particularly focusing on increased resources for innovation, security, and community engagement. The newly formed entity will be better equipped to address the evolving needs of its customers in the increasingly digital and competitive financial services sector.
Following the completion of the acquisition, Capital One has assured customers that there will be no immediate changes to accounts or relationships. Capital One and Discover will continue to serve their customers through existing communication channels, with detailed updates and conversion plans provided before any future changes.
Moreover, as part of the merger agreement, Capital One has committed to implementing a five-year Community Benefits Plan (CBP) upon the transaction’s closing. This initiative, developed in collaboration with community organisations, aims to mobilise over USD 265 billion in investments, lending, and services aimed at advancing economic opportunity and financial well-being across the US.
While the Capital One–Discover acquisition ultimately secured regulatory approval, the transaction faced a wave of scrutiny from antitrust advocates and lawmakers concerned about market concentration. The combined entity will become the sixth-largest US bank by assets and the largest US credit card issuer by purchase volume, surpassing JPMorgan Chase in this category. According to Nilson Report data, Discover held approximately 3.7% of US credit card purchase volume in 2023, while Capital One accounted for nearly 5%. The merger consolidates almost 10% of market share under a single institution, prompting fears of reduced competition and increased pricing power in the consumer credit space.
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