Banco Santander will acquire the US bank Webster Bank in a deal valued at 12.2 billion dollars (10.3 billion euros at the current exchange rate) to become one of the top ten retail and business banks in the US and among the five largest by deposits in the main states of the Northeast of the United States.
This operation marks the Spanish company's second major acquisition in just over six months after acquiring the English bank TSB from Banco Sabadell in July for 2.65 billion pounds (3.07 billion euros) following another year of record profits, totaling 14.1 billion, a 12% increase. In January, the company sold 59% of its subsidiary in Poland for 7 billion euros.
"This operation is strategically key for our business in the United States and, at the same time, a complementary acquisition for the group. It allows us to strengthen our franchise both in scale and profitability," stated Banco Santander's president, Ana Botín, in a press release. The operation will make the bank one of the top five most profitable in the US and one of the top three in terms of efficiency in capital employed, considering the 25 largest retail and business banking entities in the country.
Webster's shareholders will receive 48.75 dollars in cash and 2.0548 Santander shares in American Depositary Shares (ADS) for each Webster share, totaling 26.25 dollars per share. The operation is expected to close in the second half of the year.
The acquired bank is particularly strong in the business sector, which will complement its services with Santander's subsidiary in the country, known for consumer financing and deposit gathering. The Spanish company's intention is to integrate the management team into the group. "Value creation is supported by identified cost synergies, including the execution of Santander's organic plan in the US, along with clear revenue growth opportunities derived from a stronger joint franchise with enhanced capabilities," emphasized Botín. The company estimates synergies of 800 million dollars (667 million euros).
It is worth noting that last year, Ana Botín was praised by Donald Trump, the President of the United States, for being the only European bank maintaining a strong presence in the country.
For the fourth consecutive year, the group achieved a record profit of 14.1 billion euros, a 12% increase, a figure that has also reassured investors that it will surpass in 2026, further strengthened by the acquisitions.
The company reported revenues of 62.39 billion, nearly stable compared to the previous year's 62.21 billion, thanks to commission income that also reached a historic high of 13.66 billion, a 5% increase.
Additionally, the bank added eight million customers, reaching 180 million for the first time.
Regarding shareholder remuneration, the company has approved a share buyback of 5 billion euros for the next fiscal year, with 1.8 billion to be funded from the second half of 2025 profits and 3.2 billion euros linked to excess capital from the sale of 49% of Santander Poland.