05.26.26

Webster Investors Approve $12 Billion Purchase by Santander

by: Macarena Munoz Montijano

Shareholders of Webster Financial Corp. approved a $12 billion takeover by Banco Santander SA, clearing a major hurdle for the acquisition as Santander expands its U.S. presence. The deal, expected to close later this year pending regulatory approval, will strengthen Santander’s commercial and retail lending operations while giving it access to Webster’s deposit base as a cheaper funding source. The purchase follows several recent Santander deals, though Chair Ana Botin has ruled out further major acquisitions for at least three years.

Read the full article on Bloomberg