Capital One Finishes Discover Acquisition After 15-Month Journey

Almost 15 months after its announcement, Capital One Financial Corp.’s takeover of Discover Financial Services was officially completed on Sunday, creating the largest credit-card issuer by loan volume in the US.

Armed with Discover’s payments network, which competes with those of Visa Inc. and Mastercard Inc., Capital One is poised to capture an even greater share of spending on credit and debit cards that Americans so heavily rely upon.

“We are well-positioned to continue our quest to change banking for good for millions of customers,” Capital One Chief Executive Officer Richard Fairbank said in a statement.

The ...