Santander completes Webster deal in US banking push

Santander has completed its acquisition of Webster in the United States, combining the two banks into a larger retail and commercial banking group with a broader presence in the Northeast.

Webster Bank will merge into Santander Bank, expanding Santander's national customer base to nearly eight million. The deal was announced earlier this year and has now received shareholder and regulatory approval.

After closing, the combined business will have a pro forma balance sheet of about $327 billion in assets, $185 billion in loans, and $172 billion in deposits, based on balances at the end of 2025. By assets, the acquisition makes the group one of the larger retail and commercial banks in the US.

The move strengthens Santander's position in a market it sees as central to its growth plans. The enlarged US business is expected to support its goal of reaching about 18% return on tangible equity in the country by 2028.

Customer impact

For customers, immediate changes are limited. Most day-to-day banking services for Santander Bank and Webster Bank customers will remain the same for now, with accounts and products continuing to operate as they do today.

One immediate operational change affects cash access: customers of both banks can now use Webster Bank and Santander Bank ATMs in the US without fees.

Any later changes will be communicated in advance, and customers do not need to take action at this stage. Integration teams will focus on service continuity, employee engagement and delivering planned synergies.

Leadership changes

The acquisition also reshapes the leadership structure of Santander's US operations. Christiana Riley remains Country Head in the United States and Chief Executive Officer of Santander US.

John Ciulla, previously Chief Executive Officer of Webster Bank, has become Chief Executive Officer of Santander Bank. Luis Massiani, previously President and Chief Operating Officer of Webster Bank, has been appointed Chief Operating Officer of Santander US and Santander Bank.

Tim Ryan remains Chair of the Board of Directors of Santander Holdings US. Webster's former headquarters in Stamford, Connecticut, will serve as a corporate hub for Santander in the United States alongside Boston, New York, Miami and Dallas.

Business mix

Webster adds a deposit base with strong customer relationships, broader commercial banking operations and a healthcare financial services business. Those operations are expected to change the funding profile and business mix of Santander's US arm.

The deal also adds to Santander's existing retail and commercial banking activities while complementing its auto, wealth, and corporate and investment banking businesses in the country. That gives the bank a broader platform across several business lines in a market where it has been building its presence for decades.

In comments released alongside the completion of the deal, executives from both sides described the acquisition as a major step for the combined group in the US market.

"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, Chief Executive Officer 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 US, with expanded reach and resources to better support their needs and the communities we serve."

Ciulla also commented on the integration of the two banks.

"Today marks the beginning of an exciting next chapter for our customers and communities," said John Ciulla, Chief Executive Officer of 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."