Santander to Buy Webster Bank for $12.2B

Banco Santander has agreed to acquire Webster Bank in a deal valued at $12.2bn. The transaction follows Santander’s UK motor finance scandal provisions, with its bill reaching £461m.

Santander UK said it set aside a further £183m to compensate drivers overcharged through unfair commission arrangements between lenders and car dealers. The lender criticized the FCA’s compensation scheme as going too far and said the scheme extends beyond reversing damaging financial consequences from unfair relationships.