Banco Santander completes Webster Financial acquisition

Banco Santander has finalized its acquisition of the American firm Webster Financial, a strategic move aimed at expanding its footprint and competitiveness in the United States market. The transaction, valued at approximately 12.5 billion dollars (10.8 billion euros), follows six months of regulatory reviews and shareholder approvals.

The deal was completed on August 20, 2026, after receiving necessary clearances from the U.S. Federal Reserve, the Office of the Comptroller of the Currency, and the European Central Bank. To finance the acquisition, Santander executed a capital increase involving the issuance of approximately 330 million new shares, resulting in a 2.2% dilution for existing shareholders.

Most of Webster's operations will be integrated into Santander Bank, the group's U.S. subsidiary. Santander anticipates that this acquisition will help the bank achieve a return on tangible equity (ROTE) of around 18% in the U.S. by 2028. Despite political opposition from some U.S. senators regarding the reliability of Spain as an ally, the merger proceeded as planned.