Santander seals $12.2bn deal to acquire Webster

Spain’s Banco Santander has agreed to acquisition Webster Financial, the genitor institution of Webster Bank, successful a $12.2bn deal.

Under the agreed terms, each Webster shareholder volition person $48.75 successful currency and 2.0548 Santander shares for each stock they hold.

This reflects a full worth of $75 per Webster share, with 65% to beryllium paid successful currency and 35% successful Santander shares.

The summation of Webster Bank offers Santander a beardown foothold successful the US Northeast.

In summation to its Stamford, Connecticut headquarters, Webster has a beingness successful New York City, Rhode Island, and Massachusetts.

As per its fourth-quarter overview, the slope has astir 200 branches and implicit $80bn successful assets.

The woody unifies Santander spot successful user concern and Webster’s commercialized banking expertise.

In presumption of assets, the merged entity is poised to go 1 of the 10 largest retail and commercialized banks successful the US.

Webster CEO president and president John Ciulla said: “This is an breathtaking operation that brings unneurotic complementary strengths and a shared committedness to excellence.

“As a larger organisation, we volition unlock greater scale, broader capabilities and caller opportunities for growth-while remaining profoundly focused connected the radical who specify our success. I look guardant to joining the Santander squad and enhancing our quality to enactment clients crossed our expanded footprint.

The combined concern is expected to person assets of astir $327bn, loans totalling $185bn, and deposits amounting to $172bn based connected end-2025 figures.

Estimated outgo synergies are astir $800m oregon 19% of the merged outgo base, with an ratio ratio people beneath 40% by 2028.

Both banks volition proceed operating independently until regulatory approvals are obtained and shareholders hold to the transaction.

No contiguous changes are expected for customers.

The woody is anticipated to adjacent successful the 2nd fractional of 2026, taxable to customary closing conditions.

Santander US CEO Christiana Riley said: “This acquisition is simply a important measurement guardant successful strengthening our commercialized banking beingness and filling successful our retail subdivision footprint and scale, peculiarly successful Connecticut wherever we are committed to maintaining a wide subdivision presence. The acquisition meaningfully expands our commercialized franchise, resulting successful a much balanced concern premix and positioning america for sustainable, semipermanent growth.”

Banco Santander finalised the merchantability of a 49% involvement successful its Polish subsidiary, Santander Bank Polska, to Austria's Erste Group, successful a woody valued astatine astir €7bn($8.2bn).

"Santander seals $12.2bn woody to get Webster" was primitively created and published by Retail Banker International, a GlobalData owned brand.