Capital One Financial Corporation
Capital One Financial Corporation is a diversified financial services company specializing in credit cards, banking, home and auto loans, and savings products. It was founded by Richard Fairbank, who is currently CEO, and Nigel Morris in 1988. Since then in a very short time it became one of the leading U.S. companies for consumer credit named fourth by Future Magazine among most successful companies of this type.
Besides it, Capital One Financial Corporation is among leading providers of Visa cards in the country and abroad.
The company started as a pioneer in the credit card intensive marketing in the beginning of 1990s.
In this business the company showed innovative approaches and became known for its excellent credit cards for business owners, people with both poor and excellent credits, for students and others. It provided generous rewarding programs for travels and discounts to Capital One Financial Corporation’s partner retailers, what became particularly popular with small business owners.
Capital One Financial Corporation won Wharton Infosys Business Transformation Award for its achievements in credit card related innovative strategies.
The company has timely anticipated drawbacks related with so-called consumer lending monoline strategy related with great financial risks due to volatility of credit card business related with its cyclical nature.
Many lending monoline companies were forced to go out of the business in last two decades or have been acquired by others like MBNA, First USA and more. Capital One Financial Corporation has managed to avoid a similar fortune.
Capital One Financial Corporation consolidated its financial position by the way of diversification of its activities with entry into retail banking market by acquisition of Hiberia National Bank, New Orleans in 2005.
This was followed by another acquisition of North Fork Bank, Melville.
Another diversification component of Capital One Financial Corporation is the largest Internet auto lending company becoming one of the largest country’s auto lenders.
Further step in this direction was related with company’s international operations started in Canada in field of credit card business. Other places for its financial activities became England (Nottingham) and Spain (Madrid).
Currently Capital One Financial Corporation could be nominated as one of the large and successful financial services corporation employing 14,482 people and having $10.69 billion revenue in 2006.
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