Santander to acquire Webster for $12.2bn.

Santander, a Spanish multinational commercial bank and financial services company, agreed to acquire Webster, a Connecticut-based bank specializing in personal, commercial, and private banking services, for $12.2bn. “This acquisition is a significant step forward in strengthening our commercial banking presence and filling in our retail branch footprint and scale, particularly in Connecticut where we are committed to maintaining a broad branch presence. The acquisition meaningfully expands our commercial franchise, resulting in a more balanced business mix and positioning us for sustainable, long-term growth. Equally important, we are bringing aboard a talented leadership team with a strong track record in building a high-quality bank, and we are excited about the value we can create together for our customers and communities. Webster’s existing headquarters in Stamford, Connecticut, will be a core corporate office for Santander, alongside our corporate offices in Boston, New York, Miami and Dallas,” Christiana Riley, Santander US CEO.