Wintrust Business Minute: Capital One to keep Discover brand after acquiring it

Wintrust Business Lunch

English - February 20, 2024 22:14 - ★★★★★ - 8 ratings
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Steve Grzanich has the business news of the day with the Wintrust Business Minute. Capital One says it plans to keep the Discover brand after announcing a deal to buy the Riverwoods-based financial services company. It’s an all-stock deal valued at $35 billion and could close later this year if it gets regulatory approval from […]

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Capital One says it plans to keep the Discover brand after announcing a deal to buy the Riverwoods-based financial services company. It’s an all-stock deal valued at $35 billion and could close later this year if it gets regulatory approval from the government. The deal would create the largest U.S. credit card company by loan volume. Until now, Capital One has had to rely on Visa or Mastercard to issue its credit cards. This deal would enable the company to cut out those middle men. The Virginia-based Capital One is the 12th largest U.S. bank as of the third quarter. Discover is the 33rd biggest.

Also, North Chicago-based Abbvie has a new CEO. Robert Michael will replace Richard Gonzalez, who’s retiring. Listen for more below:

https://serve.castfire.com/audio/4497977/4497977_2024-02-20-222517.64kmono.mp3