(Reuters) – Capital One Monetary Corp acquired a greenlight from the Justice Division for its proposed acquisition of Uncover Monetary Companies after the DOJ instructed different regulators trying into the merger that it would not see ample competitors considerations to dam the deal, the New York Occasions reported on Thursday.
The Workplace of the Comptroller of the Foreign money (OCC) and the Federal Reserve will evaluate the merger with enter from the DOJ.
The DOJ despatched a letter to the Federal Reserve and the Workplace of the Comptroller of the Foreign money saying it had concluded its investigation and didn’t imagine there have been considerations that warranted blocking the deal, the report mentioned, citing individuals conversant in the matter.
“Our cope with Uncover Monetary complies with the Financial institution Merger Act’s authorized necessities and we stay well-positioned to achieve approval,” a Capital One spokesperson instructed Reuters however the firm declined to remark additional on the approval.
Unveiled in February 2024, the $35 billion deal would create the largest U.S. bank card issuer by balances, the sixth-largest financial institution by belongings, and it might additionally give Capital One management of Uncover’s card fee community — the fourth main fee community operator.
A spokesperson for the DOJ declined to remark, whereas Uncover Monetary didn’t instantly reply to a Reuters request for remark.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Modifying by Alan Barona)