Santander Expands U.S. Presence with Completion of Webster Acquisition

The combination of Santander’s and Webster’s highly complementary businesses creates a leading retail and commercial bank in the United States with an expanded presence in the Northeast.

Building on its decades-long commitment to the United States, this transaction demonstrates the significance of the U.S. market to Santander’s growth strategy.

The transaction expands Santander’s scale and capabilities in the United States, growing its customer base to nearly eight million customers nationally and supporting its efforts to achieve around 18% return on tangible equity (RoTE) in the United States by 2028.

For now, most everyday banking experiences will remain unchanged for Santander Bank and Webster Bank customers. Accounts and products can continue to be accessed and used exactly as they are today. Customers of both banks will benefit from expanded ATM access without any fees. 

BOSTON – August 20, 2026.
Santander Holdings USA, Inc. (“Santander US”), the intermediate holding company for Banco Santander, S.A. (“Santander”) in the United States, today announced that, through a series of transactions, it has completed the acquisition of Webster Financial Corporation (“Webster”), the holding company for Webster Bank, N.A. (“Webster Bank”). Building on Santander’s decades-long commitment to the United States, the combined organization brings together two highly complementary businesses. The transaction was first announced in February 2026 and has been completed following the receipt of required shareholder and regulatory approvals and the satisfaction of other customary closing conditions under the terms previously announced.

The acquisition marks a significant milestone in Santander’s growth strategy in the United States and creates a leading U.S. retail and commercial bank by assets. Over the long term, with expanded scale and capabilities, customers will benefit from a broader branch and service footprint, enhanced digital and product offerings, and continued local relationship-based service. The enhancements to its Retail and Commercial segments will also help round out Santander’s diverse business model in the United States, including its Auto, Wealth and Corporate and Investment Banking franchises.

“This is a pivotal moment in Santander’s long journey in the United States that underscores our confidence in the strength and opportunity in the U.S. market,” said Christiana Riley, CEO of Santander US. “By bringing together Santander and Webster, we are combining two organizations with shared values and strong customer relationships. Our five growing businesses will now serve nearly eight million customers across the U.S., with expanded reach and resources to better support their needs and the communities we serve.”

Following the close of the transaction, the combined business emerges as a stronger, more competitive banking organization for customers in the United States, with a pro forma balance sheet of approximately $327 billion in assets, $185 billion in loans, and $172 billion in deposits based on balances as of December 31, 2025*.

“Today marks the beginning of an exciting next chapter for our customers and communities,” said John Ciulla, former CEO of Webster Bank and now CEO of Santander Bank, N.A. (“Santander Bank”). “This combination allows us to further deepen our local relationships with the support of Santander’s global scale, financial strength, and investment capabilities. Together we are enhancing our ability to deliver broader products and services, and remain committed to the trusted partnerships that have always been at the center of how we serve our customers.”

Webster brings a high-quality, relationship-driven deposit base, deeper commercial banking capabilities, and a distinctive Healthcare Financial Services platform, which together improve Santander US’s funding profile, business mix, and competitive relevance. The combination is expected to help Santander achieve its objective of around 18% return on tangible equity (RoTE) in the United States by 2028.

Upon closing, most of Webster’s businesses have become part of Santander Bank. Santander’s and Webster’s experienced integration teams will support a disciplined transition, focused on service continuity for customers and communities, employee engagement, and timely delivery of synergies.

In the coming months, the vast majority of everyday banking experiences with Santander Bank and Webster Bank will remain unchanged as a result of the acquisition. Accounts and products can continue to be accessed and used in the same way. Customers of both banks will now be able to use Webster Bank and Santander Bank ATMs within the United States for cash access without any fees. Any future changes will be communicated well in advance, and no action is required of customers at this time. An FAQ for customers is available on SantanderBank.com.

Following the close of the transaction, Christiana Riley remains Santander’s country head in the United States and CEO of Santander US. John Ciulla, formerly the CEO of Webster Bank, is now the CEO of Santander Bank, and Luis Massiani, formerly the President and Chief Operating Officer of Webster Bank, is now the Chief Operating Officer of Santander US and Santander Bank. Tim Ryan continues to chair the board of directors of Santander Holdings US.

Webster’s former headquarters in Stamford, Connecticut, is now a corporate hub for Santander in the United States, alongside its U.S. headquarters in Boston and corporate hubs in New York, Miami and Dallas.

*Figures based on pro forma of Webster and combined U.S. operations of Santander, as of year-end 2025. The combined U.S. operations of Santander consist of Santander US and Santander’s New York branch.