According to Xinhua News Agency, US credit card giant First Capital Financial Company announced on the 19th that it will acquire another major US credit card issuer, Discovery Financial Services, for $35.3 billion through an all stock transaction. According to the acquisition terms, it was found that each share held by shareholders of the financial services company would be exchanged for 1.0192 shares of First Capital Financial Company's stock. The two companies are expected to complete the transaction by the end of 2024 or early 2025. After the transaction is completed, First Capital Finance will hold approximately 60% of the shares in the merged company. At the same time, First Capital Finance will retain the bank cards and unique payment networks of Discovery Financial Services Companies. Citibank Group, American Express, First Capital Financial, Discovery Financial Services, JPMorgan Chase, and others are all large credit card issuers in the United States. Through this acquisition, First Capital Finance will gain a broader credit card business and deposit base. In June 2023, the company also acquired another high-end credit card company.