Spain’s Banco Santander has received Federal Reserve approval to acquire Stamford-based Webster Financial Corp., clearing the final major regulatory hurdle before the companies’ planned Aug. 20 closing.
The approval follows authorizations from the Office of the Comptroller of the Currency in June and the European Central Bank in July.
The $12.3 billion acquisition, announced in April, will combine Webster with Santander’s U.S. banking operations. Most of Webster’s businesses will become part of Santander Bank NA following the close, while the companies will continue operating independently until the transaction is completed.
In recent months, Santander has outlined the leadership structure for the combined U.S. business, retaining several Webster executives in key management roles. Webster CEO John Ciulla will become CEO of Santander Bank NA, while Webster President and Chief Operating Officer Luis Massiani will serve as chief operating officer of Santander U.S., overseeing integration, technology and operations.
Customers do not need to take any action before the merger closes, the companies said.
