Santander to Acquire Webster Bank in $12.2 Billion U.S. Expansion
America ı By Rachel Moore
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Leadership and Integration
Upon closing, Christiana Riley will continue as Santander’s U.S. country head and CEO of Santander Holdings USA (SHUSA). Webster CEO John Ciulla will become CEO of Santander Bank NA (SBNA), the entity into which Webster’s businesses will be integrated.
Luis Massiani, Webster’s president and chief operating officer, will serve as COO of both SHUSA and SBNA, overseeing integration efforts and reporting to Riley and Ciulla.
Both Ciulla and Massiani will remain based at Webster’s Stamford headquarters, which will serve as a core corporate office alongside Santander’s offices in Boston, New York, Miami and Dallas. Tim Ryan will continue as chair of the SHUSA board.
Integration teams from both banks will guide the transition, focusing on service continuity, employee engagement and timely realization of synergies.
Strategic Rationale and Financial Impact
Over the past five years, Santander said its U.S. operations have been among the group’s strongest value creators, with average annual profit after tax growth of 31% over the past three years and all Investor Day targets achieved.
Following completion, the combined U.S. balance sheet will total approximately $327 billion in assets, including $185 billion in loans and $172 billion in deposits as of Dec. 31, 2025.
The transaction is expected to:
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Create a more balanced business model, blending Santander’s consumer finance strengths with Webster’s commercial banking expertise
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Improve the combined net loan-to-deposit ratio from 109% to roughly 100%
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Enhance funding efficiency through Webster’s deposit base
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Generate about $800 million in cost synergies, equal to roughly 19% of the combined cost base
Santander U.S. projects its efficiency ratio will fall below 40% by 2028.
Capital Strength and Returns
Santander expects the acquisition to deliver a return on invested capital of approximately 15% and boost group earnings per share by 7% to 8% by 2028.
Santander U.S. is projected to achieve a return on tangible equity of 18% by 2028. The group’s common equity Tier 1 ratio is expected to stand at 12.8% post-closing, rising above 13% by 2027 — maintaining capital at the upper end of its 12%–13% operating range while preserving buyback targets.
The transaction will be funded through excess capital and future capital generation.
Advisors and Timeline
Centerview Partners, Goldman Sachs and Bank of America Europe DAC are serving as Santander’s financial advisers. Davis Polk & Wardwell LLP is acting as U.S. legal adviser, and Uría Menéndez is serving as Spanish legal adviser.
The deal is subject to customary closing conditions, including regulatory and shareholder approvals from both companies. It is expected to close in the second half of 2026.
As Santander to acquire Webster Bank moves toward completion, the transaction signals a recalibration of scale in U.S. banking — a move that could reshape the competitive landscape from New England to the broader national stage.
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