Banco Santander announced on 3 February 2026 that it had entered into a merger agreement with Webster Financial Corporation in a cash-and-stock transaction valued at approximately $12.3 billion, according to Webster (Santander put the implied equity value at $12.2 billion). The deal, which would see Webster shareholders receive $48.75 in cash plus 2.0548 Santander American depositary shares for each Webster share they hold, would combine the two institutions into an entity with approximately $327 billion in assets and establish Santander as a top-ten retail and commercial bank in the United States.
For Santander, the acquisition is, in Ana Botín's words, strategically significant for its US business while remaining a bolt-on for the overall Group. Webster Financial, headquartered in Stamford, Connecticut, operates a commercial and retail banking franchise concentrated in the northeastern United States.
DEAL TERMS AND COMBINED ENTITY PROFILE
The $12.3 billion valuation is structured as a blended cash-and-stock consideration.
The deal would create a top-five deposit franchise in the Northeast.
REGULATORY PATH
The deal requires bank regulatory approvals in the US and the EU before it can close.
Webster Financial's board has unanimously approved the merger agreement, and the transaction, expected to close in the second half of 2026, now requires regulatory approvals and Webster and Santander shareholder approvals.