Santander Clears Regulatory Hurdle for $12.2B Webster Bank Acquisition
Stamford-based Webster Bank is set to become part of Madrid-headquartered Banco Santander after the Federal Reserve gave its green light to the $12.2 billion acquisition.
The deal, which was first announced in February and has been pending regulatory approval since then, will see most of Webster's businesses merge with Santander's U.S. banking franchise, Santander Bank NA.
With this approval from the Federal Reserve System's Board of Governors, Banco Santander is now on track to complete the acquisition on August 20th, six and a half months after announcing the agreement.
'We are pleased to be one step closer to this important, strategic acquisition that will expand our scale and round out our U.S. business model,' said Christiana Riley, CEO and president of Santander US.