(10 February 2026 – United States) Santander is set to acquire Webster Financial in a US$12.2 billion deal to create one of the country’s largest commercial and retail banks.
The Spanish lender is expanding its US market presence in contrast to other European rivals that have scaled down their North American presence in the last ten years. Santander has positioned the US at the centre of its strategy after recently surpassing UBS as Europe’s largest lender by market value,
Banco Santander Executive Chair Ana Botin is leaning into the US pivot with the deal that launches Santander to a position among the top ten largest commercial and retail banks in the US by assets and top five deposit franchises across key states in the US Northeast, with a combined US balance sheet of US$327 billion in assets.
The Madrid headquartered bank first entered the US market in 2005 when it acquired Sovereign Bank and is currently one of the largest players in vehicle and asset financing.
“This is an exciting step forward for Santander, as it creates a stronger bank for our customers and the communities we serve. Webster is one of the most efficient and profitable banks among its peers, and brings together two highly complementary franchises and will expand the products, technology and capabilities we can deliver with clear revenue opportunities from a stronger, more capable combined franchise” Botin commented.
“This transaction is strategically significant for our US business, while remaining a bolt-on for the overall group. It allows us to strengthen our franchise in both scale and profitability, improving our funding mix and economics, including lower funding costs, and puts us on track to deliver around 18 percent RoTE in the US by 2028, among the top five for profitability within the 25 largest US”
“This acquisition is a significant step forward in strengthening our commercial banking presence and filling in our retail branch footprint and scale, particularly in Connecticut where we are committed to maintaining a broad branch presence. The acquisition meaningfully expands our commercial franchise, resulting in a more balanced business mix and positioning us for sustainable, long-term growth” stated Santander US CEO Christiana Riley.
“This is an exciting combination that brings together complementary strengths and a shared commitment to excellence. As a larger organisation, we will unlock greater scale, broader capabilities and new opportunities for growth while remaining deeply focused on the people who define our success” said Webster Chairman, CEO and President, John Ciulla.
The transaction is expected to close in the second half of 2026.