ECB clears Santander's $12.2B Webster acquisition
What's the deal? The European Central Bank has approved Banco SantanderDealroom has a profile for this one. Try Dealroom →'s planned acquisition of US lender Webster FinancialDealroom has a profile for this one. Try Dealroom →, chief executive officer Héctor GrisiDealroom has a profile for this one. Try Dealroom → told analysts during the bank's quarterly results call. Santander announced the $12.2 billion (€10.7 billion) deal in February 2026.
Why now? "Yesterday we received the ECB's authorisation to continue with the transaction," Grisi said, adding that Santander has "a very constructive relationship with all supervisors." Webster's shareholders backed the deal in late May 2026, and the Office of the Comptroller of the Currency signed off on 12 June 2026.
What's next? The US Federal Reserve has yet to weigh in. Santander expects to close the acquisition in the second half of 2026.
What's the endgame? The Spanish bank, chaired by Ana BotínDealroom has a profile for this one. Try Dealroom →, is targeting an 18% return on tangible equity (ROTE) in the US by 2028. It estimates a return on invested capital of roughly 15% and a positive contribution to earnings per share of 7-8% that year.
The signal: The deal deepens Santander's push into the US market, one of its stated growth priorities. With approvals stacking up on both sides of the Atlantic, only the Fed now stands between the bank and one of its largest recent bets on American retail banking.
Read more: Europa Press
Image credit: Onasill – Bill Badzo (Flickr)
