Capital One’s $35.5bn takeover of Discover Financial approved by US

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The United States has approved a $ 35.5 billion in a financial transaction, which will merge two of the two largest credit card lenders in America and will mean one of the largest banking falsifications from the 2008 financial crisis.

On Friday, the Federal Reserve and the Currency’s Compilator’s Office announced the approval of their merger. Now they have done a significant analysis of the impact of the mergers of the communities, the banking industry and the US financial system.

Approval specifies the first major banking merging over five years and announces a unobserved unity under the Trump administration.

Capital based on Virginia-based capital and Illinois DiscoverIn 2024, confronted with the intensive study of the US lawmakers and the Biden administration, which warned that the consumer results gave more unites.

Capital The argument forbade that the transaction will increase the detection credit card network and will improve competition against credit card network visa, MasterCard and American Express.

The United States has an unusual fragmented banking industry, has more than 4,000 banks and has regular calls for greater consolidation.

Richard Feibank, the founder and chair of the capital, confirmed the “interesting moment” for two companies. “We understand the most important meaning of a strong and competitive banking system to our customers and our economy,” he added.

The Fed Board also said that it entered an agreement on an agreement, detect and estimate $ 100 million to spend on exchange fees in 2007-2023. Now that its approval was based on capital, which provided a corrective action plan “The main causes of performance operations against the revealed bank and the restoration of damage.”

Temporary Executive Director Michael Shepherd said that the merger will “increase competition in payment networks, offering our own products to our customers, raise our resources and bring meaningful community benefits.” Companies expect to close the transaction on May 18.