09:08 AM EST, 03/07/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) spent nearly a year pursuing a possible acquisition of Discover Financial (DFS) before Capital One (COF) made a $35 billion bid for the credit company, the Financial Times reported on Thursday, citing people familiar with the matter.

The largest US lender coveted Discover's Pulse electronic payments system, so it could rid itself of dependence on third-party providers such as Mastercard and Visa, the report quoted the sources as saying. JP Morgan Chase abandoned its efforts in mid-2022 after failing to convince Discover, the report added.

JP Morgan Chase's acquisition would have been difficult to get through regulators, and Capital One's bid may also fail to meet US antitrust standards, the FT reported.

Neither JP Morgan nor Discover immediately replied 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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