Santander Clears Hurdle for Webster Acquisition

Santander has received approval from the Federal Reserve Board to acquire Webster Financial Corporation. The acquisition is expected to close on August 20, 2026.

The Spanish bank will gain control of Webster's businesses, which include a commercial bank with over $80 billion in total assets. Upon closing, most of Webster's operations will become part of Santander Bank, the US franchise of Banco Santander.

Santander expects its US business to achieve a return on tangible equity of around 18% by 2028 and generate approximately 7-8% earnings per share accretion. The acquisition is projected to increase the bank's presence in the Northeast region, from New York to Rhode Island and Massachusetts.