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Capital One has been approved to acquire Discover Financial Services and may become the largest credit card company in the USA.
A new largest credit card company may emerge in the United States. The Board of Governors of the Federal Reserve and the Office of the Comptroller of the Currency announced on Friday that Capital One has been approved to acquire Discover Financial Services and merge with it. This all-stock deal was first announced over a year ago, and once completed, it will give Capital One a significant advantage in competing with credit card issuers like JPMorgan, Bank of America, and Citigroup, as these banks do not handle Trade themselves.
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