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Discover Veers Away From M&A

Friday, September 23, 2011 - 1:33 PMDiscover Bank - Details
From American Banker
Discover Financial Services is stepping away from its recent M&A binge and trying to grow the old-fashioned way: by developing new businesses itself.

The Riverwoods, Ill., credit card company has been a frequent buyer in the past year as it tries to expand beyond its traditional roots in card lending and transaction processing. It has snapped up stray loan portfolios, online deposits and other assets from Citigroup Inc., Inc. and others.

But now Discover is refocusing on developing new businesses internally instead of buying them. It intends to launch a new online checking account at the end of 2012 and is currently "installing a computer system to support some of the features,"....

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WhataBummerWhataBummer413 posts since
Oct 15, 2010
Rep Points: 1,702
1. Friday, September 23, 2011 - 1:41 PM
Nice to see Discover Bank is working on an online checking account. I'm surprised to see that it's more than a year away.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634