08:15 AM EDT, 07/17/2024 (MT Newswires) -- Capital One Financial ( COF ) pledged a total of $265 billion in investment, lending and housing support if its takeover of Discover Financial Services ( DFS ) pushes through in a bid to gain regulators' approval, Reuters reported Wednesday.

The amount includes $200 billion in lending over five years and over $35 billion in housing support for low- and moderate-income communities and individuals, Reuters said, citing the bank.

Capital One also promised not to close any Discover branches as a result of the $35 billion deal, according to the report.

Capital One's community benefits plan is more than double the size of any other such plan by other companies to date, Reuters said, citing data from the National Community Reinvestment Coalition.

Neither Capital One nor Discover immediately responded to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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