Capital One CEO says Discover ‘unique,’ not planning to buy ‘lots of banks’

Capital One (COF) CEO Richard Fairbank said while presenting at the Morgan Stanley US Financials Conference: “You know it’s interesting and it’s ironic to say what I’m going to say when we’re celebrating closing the biggest bank deal since the global financial crisis, but Capital One is really not on a quest to go out and buy lots of banks. The way most banks grow is to buy other banks. We had a period in our life where we bought banks because we wanted to the balance sheet of Capital One away from capital markets funding to FDIC insured deposits, but that was, that phase is over. And the Discover (DFS) acquisition really is a unique opportunity for us to continue in what I would much more describe as an organic growth path.”