As of 30 September 2024, Capital One Financial reported $486.4bn in total assets. Credit: Tada Images/shutterstock.

The Office of the Delaware State Bank Commissioner has approved Capital One’s $35.3bn acquisition of digital banking and payment services company Discover Financial Services and its subsidiary, Discover Bank.

This approval marks a key step towards completing the merger. The deal, valued at $35.3bn, was initially announced in February 2024.

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At close, shareholders of Capital One will own around 60% and Discover shareholders will own nearly 40% of the merged entity.

The deal is expected to create the sixth largest bank in the US by assets and a global payments platform at scale.

Planned to be completed in early 2025, the transaction awaits approval by the shareholders of both companies, as well as the Federal Reserve Board and the Office of the Comptroller of the Currency.

As part of the acquisition, shareholders of Discover Financial Services will receive 1.0192 Capital One shares for each share held.

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Capital One founder, chairman and CEO Richard Fairbank said: “Through this combination, we’re creating a company that is exceptionally well-positioned to create significant value for consumers, small businesses, merchants, and shareholders as technology continues to transform the payments and banking marketplace.”

In July 2024, Capital One unveiled a five-year, $265bn community benefits plan tied to the acquisition.

As of 30 September 2024, Capital One Financial reported $353.6bn in deposits and $486.4bn in total assets.

The company is engaged in providing a wide range of financial products and services to small businesses, consumers, and commercial clients through multiple channels.