MCLEAN, Va., May 29 /PRNewswire-FirstCall/ -- Capital One Financial Corporation (NYSE: COF) announced today that Laura Olle will assume the formal title and responsibilities of Chief Enterprise Risk Officer for Capital One, a new position that centralizes the executive management oversight of the company's enterprise risk management activities. In this position Olle will be responsible for independently monitoring, analyzing and reporting on key corporate risk areas to include strategic, operations, legal and compliance and managing regulatory relationships.

Olle will report directly to Capital One Vice Chairman Nigel Morris and will be responsible for enterprise risk management strategy development and implementation across the company. In taking on this new title, Olle will be formalizing the role and duties she has performed since last year, serving as Senior Vice President of Corporate Control and Governance. In this interim role, Olle has been responsible for overseeing the company's enterprise risk management program, including identifying and mitigating operational risk.

"Laura has been doing an exceptional job working to centralize our focus on enterprise risk management and enhance the company's risk management strategies," said Capital One Vice Chairman, Nigel Morris. "We've made enormous progress in a relatively short period of time with Laura mobilizing tremendous organizational energy around this critical area. We're pleased with the progress we've made and extremely happy to have Laura continue building on this solid foundation."

Olle joined Capital One in 1999, as Senior Vice President of Information Technology Systems Development. In that role, Olle was responsible for the development and support of the core credit card processing systems. In addition, she was responsible for the IT support of all of Capital One's staff departments, as well as the IT for all European operations, and managed Enterprise Services development. Olle also spearheaded Capital One's "IT Futures" effort to ensure the company stayed ahead of the technology curve. Her team provided technical insight to senior executives on technologies that were in development and determined how these technologies would be integrated into the company's operation.

Prior to joining Capital One, Olle served as Senior Vice President, Information Systems and Services, for nine years at Freddie Mac. She has also held key IT positions at Marriott Corporation and worked as a management consultant at Arthur Young and Company.

Olle graduated from State University of New York with an honors degree in Psychology and subsequently received her MBA from the University of Nebraska. She is a certified public accountant and completed the Stanford Executive Program in 1998.

About Capital One

Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offering consumer lending products. Capital One's subsidiaries collectively had 46.4 million managed accounts and $59.2 billion in managed loans outstanding as of March 31, 2003. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index.