Santander Gets Green Light for $12.2 Billion Webster Bank Acquisition

Stamford-based Webster Bank is on the verge of being acquired by Madrid-headquartered Banco Santander for $12.2 billion. The Federal Reserve has given its approval, marking a key milestone in the deal. This follows approvals from the Connecticut Department of Banking and the European Central Bank.

The acquisition will bring together two complementary businesses, with Webster's 95 branches and $40.4 billion in deposits merging into Santander's US banking franchise. Customers can continue to bank as usual until August 20, when the deal is expected to be completed.

According to Christiana Riley, CEO and president of Santander US, '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.'