Santander Completes $12.2bn Acquisition of Webster Financial

Santander has completed its $12.2bn acquisition of Webster Financial, expanding its US banking operations and creating a combined business with $327bn in assets.

The deal, originally announced in February, brings Webster’s commercial banking, healthcare financial services and deposit business into Santander’s US operations. The enlarged group has around $185bn in loans and $172bn in deposits, based on figures from December 31, 2025.

The business will serve nearly eight million customers across retail, commercial and wealth. Santander said the transaction supports its ambition to achieve a return on tangible equity of around 18% in the US by 2028.

The move has brought about some changes in leadership teams. Webster CEO John Ciulla has become CEO of Santander Bank, N.A., while Webster president and COO Luis Massiani has been appointed COO of both Santander US and Santander Bank.

Elsewhere, Christiana Riley is set to remain as Santander US CEO and US country head, while Tim Ryan will continue in his role as chairman of the Santander Holdings US board.

“This combination allows us to deepen our local relationships with the support of Santander’s global scale, financial strength, and investment capabilities,” Ciulla said. “Together we are enhancing our ability to deliver broader products and services.”

The acquisition should allow Santander to scale more efficiently in areas such as auto lending, retail, digital, and commercial banking, corporate and investment banking and wealth management, while adding Webster’s commercial banking business in the northeastern US.