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Capital One Financial Corporation is an American bank holding company specializing in credit cards, home loans, auto loans, banking and savings products.
Capital One is the eighth-largest bank holding company in the United States when ranked by assets and deposits.[6] The bank has 812 branches[6] including 10 café style locations for its Capital One 360 brand[7] and 2,000 ATMs. Capital One Financial is ranked #112 on the Fortune 500,[8] and also conducts business in Canada and the United Kingdom. The company helped pioneer the mass marketing of credit cards in the 1990s, and as of 2003 it was the fourth-largest customer of the United States Postal Service.[9]
Its corporate offices are located in Tysons Corner, Virginia.[10]
In 2015, 62% of the company's revenues were from credit cards, 28% was from consumer banking, and 10% was from commercial banking
On July 27, 1994, Richmond, Virginia-based Signet Financial Corp announced the spin off of its credit card division, OakStone Financial, naming Richard Fairbank as CEO[11] (Signet Banking Corp is now part of Wells Fargo). Signet renamed the subsidiary Capital One in October of that year.[12] The spinoff was concluded February 28, 1995, making Capital One fully independent.[13]
Unlike other diversified financial services firms, Capital One began as a "monoline", meaning the vast majority of its business was in consumer lending, particularly credit cards. Remaining a monoline is risky, as it can be very profitable industry in good times, and markedly unprofitable in bad. Most consumer-lending monolines in the past twenty years have either gone out of business (e.g., The Money Store, NextCard, Royal Acceptance) or have been acquired (e.g., MBNA, Beneficial, First USA); Capital One is notable for having experienced neither.[14][15]
Capital One attributed its relative success as a monoline to its use of data collection to build demographic profiles, allowing it to target personalized offers of credit direct to consumers.
In 1999, Capital One was looking to expand beyond credit cards. CEO Richard Fairbank announced moves to use Capital One's experience with collecting consumer data to offer loans, insurance, and phone service.
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