Santander Edges Closer to Webster Acquisition with Federal Reserve Approval

Madrid-headquartered Banco Santander is on the verge of completing its $12.2 billion acquisition of Stamford-based Webster Bank, after receiving approval from the Federal Reserve System's Board of Governors.

The authorization follows approvals by the Connecticut Department of Banking and federal Office of the Comptroller of the Currency in June, and the European Central Bank in July.

Banco Santander expects to complete the deal on August 20, about 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.