Dis­cover de­clare $2.4b Re­pur­chase Pro­gram

The Pak Banker - - COMPANIES/BOSS -

Dis­cover Fi­nan­cial Ser­vices to­day an­nounced that its board of direc­tors has ap­proved a new share re­pur­chase pro­gram au­tho­riz­ing the com­pany to re­pur­chase up to $2.4 bil­lion of its com­mon stock, and that it plans to in­crease its quar­terly com­mon stock div­i­dend. Th­ese ac­tions were part of the com­pany's cap­i­tal plan, which was submitted to the Fed­eral Re­serve as part of the 2013 Cap­i­tal Plan Re­view. The Fed­eral Re­serve no­ti­fied Dis­cover that it has no ob­jec­tions to the cap­i­tal ac­tions through March 31, 2014, set forth in the com­pany's cap­i­tal plan. The new share re­pur­chase pro­gram ex­pires on March 31, 2015, and may be ter­mi­nated at any time. It re­places the prior $2 bil­lion share re­pur­chase pro­gram, which had ap­prox­i­mately $600 mil­lion of re­main­ing au­tho­riza­tion as of March 14, 2013.

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