Discover Financial Services said Monday that it completed its $600 million acquisition of Student Loan Corp., which included $4.2 billion of private student loans and other assets.
Processing Content
The Riverwoods, Ill., credit card issuer also acquired $3.4 billion of SLC's asset-backed securitization funding and other liabilities in the purchase.
Discover, which announced the deal in September, is diversifying beyond credit cards. Student lending is a major part of that effort.
SLC, which was majority-owned by Citigroup Inc., also sold $28 billion of its federal student loans to SLM Corp., commonly known as Sallie Mae, in the deal.
Citi bought $8.7 billion of SLC's federal and private student loans in a separate transaction.
