The all-stock merger, announced in February, would create the largest U.S. credit card issuer with more than $250b of outstanding loans, surpassing JPMorgan Chase and access to more than 305m cardholders. James said the merger would extend Capital One's lead as the largest U.S. subprime card issuer, and give the combined company a market share of more than 30%.
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New York probing legality of Capital One-Discover merger
"We have made a strong case on the pro-competitive and pro-consumer benefits of this transaction," it said. Discover did not immediately respond to requests for comment.
