June 15, 2011 05:05 PM Eastern Daylight Time
Discover Financial Services Announces $1 Billion Share Repurchase Program
RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover Financial Services (NYSE:DFS) today announced that its Board of Directors has approved a share repurchase program, authorizing the company to purchase up to $1 billion of its common stock. The program expires on June 14, 2013, and may be terminated at any time.
“Our intention is to manage our capital to maintain a strong capital level and return on equity while investing in growth opportunities and returning excess capital to our shareholders.”
“The share repurchase program reflects our commitment to be efficient managers of our shareholders’ capital over the long term,” said David Nelms, chairman and chief executive officer of Discover. “Our intention is to manage our capital to maintain a strong capital level and return on equity while investing in growth opportunities and returning excess capital to our shareholders.”
The company expects to make share repurchases from time to time based on market conditions and other factors, subject to legal or regulatory restrictions.
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.
