300 Additional Jobs and an Additional $33 Million (20 Million Pounds) Investment for Nottingham, UK as Capital One Beats Growth Targets

FALLS CHURCH, Va., Feb. 23 /PRNewswire/ -- Seven months after opening Trent House, Capital One's first Operations Centre in Europe based in Nottingham, UK, Capital One (NYSE: COF), a leading credit card issuer with nearly 17 million customers world-wide, announced plans to create 300 additional jobs by the end of 2000. This is accompanied by a commitment to increase, over the same period, its $50 million (30 million pounds) investment in Trent House by $33 million (20 million pounds).

Capital One now plans to recruit 900 people by the end of this year, a year ahead of schedule, following the Company's UK growth rate, which has exceeded all expectations. It also plans to recruit an additional 300 people by the end of 2000, resulting in a total of 1,200 jobs.

The additional jobs are earmarked to cover a number of business functions including information technology, finance, marketing, collections, customer service, product design and card issuing.

Announcing the news at a reception with community leaders in Nottingham, Nigel Morris, Capital One's President and Chief Operating Officer, said, "Clearly our speed of growth in the UK has exceeded our expectations. This is in no small way due to the partnership Capital One has forged with the city of Nottingham and its first-rate workforce. We are confident our additional investment in Nottingham, and its people, will soon pay dividends as a foundation for our expansion in the UK."

Headquartered in Falls Church, Virginia, Capital One Financial Corporation (www.CapitalOne.com.) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products. Capital One's subsidiaries collectively had 16.7 million customers and $17.4 billion in managed loans as of December 31, 1998. Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 Index.

SOURCE  Capital One Financial Corporation
    -0-                             02/23/99
    /CONTACT:  Sam Wang, 703-205-1180; or Patrick Nelson, 44171-543-2900, both
of Capital One/
    /Web site:  http://www.capitalone.com//
    (COF)

CO:  Capital One Financial Corporation
ST:  Virginia, United Kingdom
IN:  FIN
SU: