Santander has completed its acquisition of Webster Financial Corporation, bringing the US banking groups together and expanding Santander’s presence across retail, commercial and wealth management.
The transaction, first announced in February 2026, creates a combined business with nearly 8 million customers. Based on figures from 31 December 2025, the enlarged group has approximately $327bn in assets, $185bn in loans and $172bn in deposits. Santander has said the acquisition supports its ambition to achieve a return on tangible equity of around 18% in the US by 2028.
The deal also brings changes to the leadership of Santander’s US banking operations. Former Webster Bank CEO John Ciulla has become CEO of Santander Bank, N.A., while former Webster president and COO Luis Massiani has been appointed COO of both Santander US and Santander Bank.
Santander US CEO Christiana Riley will remain as the group’s US country head and CEO of Santander US, while Tim Ryan continues as chairman of the Santander Holdings US board.
For customers, the immediate changes are expected to be limited, with existing accounts and products remaining available. Customers will also be able to use either bank’s ATMs without fees across the US.
The acquisition gives Santander greater scale across its US banking businesses, which include auto lending, retail and digital banking, commercial banking, corporate and investment banking and wealth management. The group also operates Openbank by Santander, its digital-only banking business in the US.
Webster adds a sizeable commercial banking operation and its Healthcare Financial Services business, alongside a deposit base focused on relationship banking. The combination is expected to broaden Santander’s funding base and strengthen its position in the US commercial banking market.
Santander Bank CEO John Ciulla said, “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.”
The deal also expands Santander’s physical footprint in the US. Webster’s former headquarters in Stamford, Connecticut, will operate as a Santander corporate hub, joining existing locations in Boston, New York, Miami and Dallas.
Santander US CEO Christiana Riley added, “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 U.S., with expanded reach and resources to better support their needs and the communities we serve.”
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