RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover Financial Services (NYSE:DFS) today announced the completion on Dec. 31, 2010, of its acquisition of The Student Loan Corporation (SLC).
“Management’s Discussion and Analysis of Financial Condition and Results of Operations”
The acquisition included SLC’s ongoing private student loan business and private student loans and other assets totaling $4.2 billion, along with $3.4 billion of SLC’s existing asset-backed securitization funding and other liabilities. The acquisition was preceded by a series of transactions in which Sallie Mae purchased $27 billion of SLC’s federal student loans and related assets, and Citibank purchased $8.7 billion of SLC’s federal and private student loans and other assets.
The acquisition expands Discover’s presence in the private student loan market by combining forces with a top-three originator of private student loans in the country. With SLC’s more than 50 years of expertise, Discover significantly increases its capabilities to serve schools, and help students and their families afford a college education.
About Discover
Discover Financial Services (NYSE:DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discoverfinancial.com.
