Santander Clears Final Hurdle for Webster Acquisition

Banco Santander has received final regulatory approval from the Federal Reserve Board to acquire Webster Financial in a deal worth $12.3 billion.

The acquisition will give Santander what its group executive chair, Ana Botín, has called the 'final step change' it needs for U.S. growth.

The Fed's approval is the last hurdle the proposed merger had faced, following green lights from the European Central Bank and the Office of the Comptroller of the Currency.