Santander to Acquire Webster in $12.3B Deal

Santander U.S. and Webster Financial have appointed leaders to run specific business lines as they await regulatory approval for their proposed merger. The banks are preparing for a combined institution following Banco Santander’s planned acquisition of Stamford, Connecticut-based Webster.

The proposed deal is valued at $12.3 billion and was announced in February. It requires shareholder approval and regulatory green lights from both U.S. and European regulators. The transition includes a mix of current Santander U.S. executives and existing Webster leaders, and it will result in the exit of two high-ranking Santander executives.