Summary
Banco Santander completed its acquisition of Webster Financial Corporation, creating a U.S. retail and commercial bank with a pro forma ~$327 billion balance sheet serving nearly 8 million customers. The deal, first announced in February 2026, brings together Santander's U.S. operations with Webster's relationship-driven deposit base, deeper commercial banking capabilities and distinctive Healthcare Financial Services platform. Santander targets around 18% return on tangible equity in the US by 2028.
Key Points
- Santander completed acquisition of Webster Financial Corporation (Webster Bank, N.A.)
- First announced Feb 2026; closed after shareholder and regulatory approvals
- Pro forma: ~$327B assets, ~$185B loans, ~$172B deposits (as of Dec 31, 2025)
- Combined business serves nearly 8 million customers nationally
- Santander targeting ~20% RoTE in the US by 2028
- Webster brings high-quality, relationship-driven deposit base, deeper commercial capabilities, Healthcare Financial Services platform
- Christiana Riley remains Santander US CEO; John Ciulla (ex-Webster) now CEO of Santander Bank; Luis Massiani (ex-Webster COO) COO of Santander US and Santander Bank
- Webster's Stamford HQ becomes a Santander corporate hub alongside Boston, NY, Miami, Dallas
- Customers of both banks get fee-free ATM access
- Santander's US business includes Auto, Wealth, Corporate and Investment Banking
- Reflects continued consolidation and deposit-franchise focus among banks