Santander Lands Webster Bank Deal Worth Over $12 Billion

The US Federal Reserve has approved Santander's acquisition of Connecticut-based Webster Bank for $12.2 billion, as part of the Spanish financial giant's push to expand in the United States.

The deal makes Santander a major player in the US market, with a footprint in nine states and over $81 billion in consolidated deposits.

With this acquisition, Santander will become the 19th largest insured depository organization in the US, with consolidated assets of approximately $253.6 billion.