May 18 (UPI) — Capital One Financial services has completed its acquisition of former credit card rival Discover Financial Service, the companies announced on Sunday.

Capital One announced its intentions to acquire Discover in February 2024, stockholders of both companies voting in favor of the $35 billion deal a year later and federal regulators approving it in April.

“This deal brings together two innovative, mission-driven companies that together are poised to deliver breakthrough products and experiences to consumers, businesses, and merchants,” Capital One CEO and founder Richard D. Fairbank said in a press release.

Fairbank added in the statement that the new company will continue its quest to “change banking for goods for millions of customers.”

Capital One expanded its board of directors from 12 to 15 to handle the expanded company, and added that Capital One and Discover cardholders do not need to take any action and would be advised them of any future changes, “and will continue to be served through their respective Capital One and Discover tools and channels,” the release said.

The statement said the company will continue to issue both Capital One and Discover cards for the foreseeable future, in addition to the other cards it already makes available.

“The combination of our two companies will increase competition in payment networks, offer a wider range of products to our customers, increase our resources devoted to innovation and security, and bring meaningful community benefits,” Interim CEO and President of Discover, Michael Shepherd said when federal regulators approved the deal in April.

The deal could expand the number of places that accept the Capital One card, as it will move to the Discover network, allowing it to be more competitive with Visa and Mastercard, especially outside the United States.

A report by the customer watchdog J.D. Power showed that both Capital One and Discover score high approval ratings among their card holders.