Banco Santander to Acquire Webster Financial in $12.3 Billion Deal

Merger will expand Santander's U.S. business and create a stronger combined bank.

Published on Feb. 9, 2026

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Webster Financial Corporation has signed a definitive merger agreement to be acquired by Banco Santander, S.A. in a cash and stock transaction valued at approximately $12.3 billion. Under the terms, Webster shareholders will receive $48.75 in cash and 2.0548 Santander American Depository Shares for each Webster common share, representing a 16% premium to Webster's 10-day volume weighted average price.

Why it matters

The acquisition will expand Santander's U.S. business and create a larger, more capable bank that can offer a broader range of products, technology, and capabilities to customers. The combined organization will have over $80 billion in total assets and a stronger presence in the Northeast region.

The details

Santander said the acquisition will allow it to broaden its product offerings, technology, and capabilities in the U.S. market, as well as pursue cost savings and revenue synergies. Following the closing, Webster will become a wholly owned subsidiary of Santander, with Webster's Chairman and CEO John R. Ciulla becoming CEO of Santander Bank NA and Webster's President and COO Luis Massiani becoming COO of both Santander Holdings USA and Santander Bank NA.

  • The merger agreement was signed on February 9, 2026.

The players

Banco Santander, S.A.

A global commercial bank with businesses spanning retail and commercial banking, digital consumer banking, corporate and investment banking, wealth management and insurance, and payments.

Webster Financial Corporation

A financial services company founded in 1935 and headquartered in Stamford, Connecticut, with over $80 billion in total assets and operations across commercial banking, healthcare financial services, and consumer banking.

John R. Ciulla

Chairman and CEO of Webster Financial Corporation, who will become CEO of Santander Bank NA after the merger.

Luis Massiani

President and COO of Webster Financial Corporation, who will become COO of both Santander Holdings USA and Santander Bank NA and lead integration.

Christiana Riley

Country head of Santander in the U.S. and CEO of Santander Holdings USA, who will continue in those roles after the merger.

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What they’re saying

“This is an exciting combination that brings together complementary strengths and a shared commitment to excellence. As a larger organization, we will unlock greater scale, broader capabilities and new opportunities for growth—while remaining deeply focused on the people who define our success. I look forward to joining the Santander team and enhancing our ability to support our clients. As a Connecticut-based bank with deep roots in the region, we also look forward to continuing our commitment to the communities we serve.”

— John R. Ciulla, Chairman & CEO, Webster Financial Corporation (Pulse2.com)

“This is an exciting step forward for Santander Group, 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 bringing together two highly complementary franchises will expand the products, technology and capabilities we can deliver, with clear revenue opportunities from a stronger, more capable combined franchise.”

— Ana Botín, Executive Chair, Banco Santander, S.A. (Pulse2.com)

What’s next

The transaction is expected to close in the second half of 2026, subject to regulatory approvals and other customary closing conditions.

The takeaway

This acquisition represents a strategic move by Santander to strengthen its U.S. presence and create a larger, more capable banking institution that can better serve customers and communities. The combined organization will have enhanced scale, capabilities, and growth opportunities, while maintaining a commitment to the local markets it serves.