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Bond Market News
Santander to Buy Webster in a $12.2bn Deal
February 4, 2026
Santander has agreed to acquire Webster Financial for $12.2bn, creating one of the top US retail and commercial banks by assets. The deal underscores Santander’s strategic push into the US market. The deal will give the combined group a US balance sheet of about $327bn in assets. Webster shareholders will receive 2.0548 Santander shares plus $48.75 in cash per share, with closure of the deal expected in 2H2026. Santander said that it will not raise its offer and does not plan further bolt-on acquisitions for three years. The transaction is expected to deliver around $800mn in cost synergies and lift US profitability, targeting ~18% ROTE by 2028. Santander expects to maintain shareholder returns, including a €5bn buyback, while keeping a CET1 ratio of 12.8% post deal closure and above 13% by 2027. Santander reported record 2025 net profit of €14.1bn, up 12% YoY, despite modest pressure on lending income.
Its 4.75% Perp traded stable at 99.8, yielding 5.09%
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