The operation was announced at the beginning of February and was closed this morning, according to a communication made this morning to the National Securities Market Commission (CNMV). After just seven months, Santander is now the owner of the American bank Webster, which allows it to expand its balance sheet in the United States to 327 billion dollars (about 283 billion euros). The entity chaired by Ana Botín has paid about 12.5 billion dollars (10.8 billion euros) for it and aims to achieve cost synergies of 800 million dollars (about 700 million euros).
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Webster is headquartered in the state of Connecticut and has about 200 offices concentrated in the northeastern United States, from the New York metropolitan area to Rhode Island and Massachusetts. Its balance sheet is 86 billion dollars with a competitive advantage based on the low profitability it pays on its deposits. It manages, through HSA, the health savings accounts of citizens of the country, which implies an attractive price and great stability.
In addition to the savings of 800 million dollars, revenue synergies are expected, which Santander aims for in the areas of private banking and investment (CIB). The U.S. market will be the third largest for the entity in terms of assets, after Spain and the United Kingdom. And the second largest contributor to profit, after Spain. The acquisition represents 4% of the total assets of the Spanish group and is expected to improve its earnings per share by between 7% and 8%. Santander expects this market to reach a return on tangible equity (RoTE) of around 18% in 2028, compared to 15% last year.
The United States Federal Reserve approved the operation on August 5. It was the last regulatory step for Santander, after having already obtained those from the Office of the Comptroller of the Currency (OCC), the U.S. banking supervisory body, on June 12, 2026; and from the European Central Bank, received on July 21, 2026. None have seen competition or legal impediments to the acquisition.
The transaction, which will be structured through an absorption of Webster by Santander, closes earlier than expected. During the presentation of the first half results of the year, Santander CEO Héctor Grisi indicated the probable date to finalize the purchase as the end of 2026.
Santander will pay 48.75 dollars in cash and 2.0548 own shares for each purchased share. It has already executed the capital increase that will be allocated to the exchange, representing 2.2% of the capital and equivalent to 330 million new shares, valued at about 4.06 billion euros, which today will be received by Webster shareholders. These will therefore become shareholders of Santander and will also receive 7.825 billion dollars (about 6.8 billion euros) in cash. In total, about 12.5 billion dollars (10.8 billion euros).
Santander will have about eight million customers in the country, whose operations will essentially remain the same. “Accounts and products will continue to be accessible and used exactly as today,” the bank explains in a statement. Customers of both banks will benefit from expanded access to ATMs without fees.
Management structure
After the closing of the operation, Christiana Riley continues to be the top executive of Santander in the United States and CEO of Santander US. John Ciulla, formerly CEO of Webster Bank, maintains the same position at Santander Bank, and Luis Massiani, formerly president and chief operating officer of Webster Bank, is now chief operating officer of Santander US and Santander Bank. Tim Ryan continues to chair the board of directors of Santander Holdings US.
The former Webster headquarters in Connecticut is being transformed into a corporate center for Santander in the United States, along with its U.S. headquarters in Boston and its corporate centers in New York, Miami, and Dallas.
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