Santander will acquire Webster Financial in a cash-and-stock deal valued at about $12.3 billion, with Webster shareholders receiving $48.75 in cash and 2.0548 Santander American Depositary Shares per Webster share.

Webster's leadership, including CEO John Ciulla, will hold senior roles in Santander Holdings USA and Santander Bank NA as part of the integration plan.

The transaction is expected to close in the second half of 2026, after regulatory and shareholder approvals, with Webster becoming a wholly-owned subsidiary of Santander and a broader U.S. operation under Santander’s umbrella.

Santander frames the deal as a strategic fit that combines complementary strengths and a shared growth agenda, pending approvals.

The press release notes forward-looking statements and risk factors, and points to the Form F-4 and proxy materials to be filed with the SEC.

Ciulla emphasizes that the tie-up will create greater scale and capabilities while preserving Webster’s community focus, notably its Connecticut roots.

The deal is anticipated to generate 7%–8% earnings accretion and about 15% return on invested capital, with roughly $800 million in cost synergies, subject to approvals.

Both Webster and Santander caution that forward-looking statements carry risks including integration challenges, regulatory hurdles, and market conditions.

Santander describes the move as strategically significant for its U.S. business, aimed at expanding scale, capabilities, profitability, and maintaining leadership continuity.

Ana Botín characterizes the merger as a key step to improve profitability and reduce funding costs for Santander in the U.S.

The combined entity would have roughly $327 billion in assets and about $172 billion in deposits, positioning Santander as a top-10 U.S. retail/commercial bank and top-five in the Northeast by deposits.

The acquisition will strengthen Santander U.S. and position its joint venture as a leading player in assets and deposits in key Northeast states.