Santander has completed the acquisition of US-based Webster Financial in a $12.2bn deal.
The transaction was originally disclosed in February this year.
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The deal was finalised after shareholder and regulatory clearances and fulfilment of other standard closing requirements.
Webster’s operations have largely been folded into Santander Bank.
The merged banking group has a pro forma balance sheet of roughly $327bn in assets, $185bn in loans and $172bn in deposits, based on figures as of 31 December 2025.
Former Webster Bank CEO John Ciulla has now taken on the role of CEO at Santander Bank.
Ciulla said: “This combination allows us to further deepen our local relationships with the support of Santander’s global scale, financial strength, and investment capabilities. Together we are enhancing our ability to deliver broader products and services and remain committed to the trusted partnerships that have always been at the centre of how we serve our customers.”
Santander expects the transaction to contribute to its aim of reaching about 18% return on tangible equity in the US by 2028.
For now, most routine banking arrangements at Santander Bank and Webster Bank are expected to stay the same.
Customers of the two banks are now able to use Santander Bank and Webster Bank ATMs across the US for cash withdrawals without fees.
Santander said any later changes would be communicated “well in advance” and that customers do not need to take any action at present.
Webster’s former headquarters in Stamford, Connecticut, has become a Santander corporate hub in the US, joining the group’s US headquarters in Boston and its corporate hubs in New York, Miami and Dallas.
Santander US CEO Christiana Riley said: “This is a pivotal moment in Santander’s long journey in the United States that underscores our confidence in the strength and opportunity in the U.S. market.
“By bringing together Santander and Webster, we are combining two organisations with shared values and strong customer relationships. Our five growing businesses will now serve nearly eight million customers across the U.S., with expanded reach and resources to better support their needs and the communities we serve.”
