Having received regulatory approvals to acquire Discover Financial, Capital One is now preparing for integration of the card network company, and years of work on tech modernization and increasing global acceptance.
Less than a week after the Federal Reserve and the Office of the Comptroller of the Currency announced their approvals of the $35.3 billion merger, Capital One executives Tuesday reiterated expected synergies figures from the deal’s announcement in February 2024, but pushed them back by about six months, based on an expected May 18 deal close date.
The transaction is expected to generate $2.7 billion in cost savings by 2027, with about $1.5 billion in “expense synergies” and $1.2 billion in “network synergies,” Capital One has said.
The deal will create the biggest credit card issuer in the U.S., and give Capital One $660 billion in assets after the transaction closes.