Home / Business and Economy / Santander Buys Webster: A $12.3B U.S. Banking Power Play
Santander Buys Webster: A $12.3B U.S. Banking Power Play
4 Feb
Summary
- Santander acquires Webster Financial in a $12.3 billion cash-and-stock deal.
- The acquisition aims to significantly expand Santander's U.S. presence, especially in the Northeast.
- Webster brings over $80 billion in assets and numerous branches across several U.S. states.
Banco Santander has announced its intention to acquire Webster Financial in a transaction valued at $12.3 billion. This cash-and-stock deal represents a substantial escalation of the Spanish banking giant's efforts to broaden its footprint within the United States. The acquisition is poised to position Santander as a major player among regional U.S. banks. It is expected to conclude in the latter half of the year.
This strategic acquisition will integrate Webster's operations into Santander, establishing it as a wholly owned unit. Webster, based in Stamford, Conn., possesses over $80 billion in assets and maintains a significant network of branches across Connecticut, Massachusetts, Rhode Island, and the New York metropolitan area. This move is seen as crucial for Santander's U.S. business, aiming to establish it as a leading bank in the Northeast.
