Santander scores OCC approval on pending Webster acquisition
Banco Santander’s U.S. subsidiary, Santander Bank N.A., received approval from the Office of the Comptroller of the Currency for its merger with Webster Bank, according to Webster Financial’s June 12 disclosure. The $12.3 billion deal, already approved by Webster shareholders, still needs Federal Reserve and European Central Bank approval. DOJ antitrust review is also expected. Closing is expected in 2H 2026.
Regulatory approval from the OCC reduces deal execution risk for Santander’s pending Webster acquisition.
OCC approved the merger of Webster Bank into Santander Bank N.A., moving Banco Santander’s $12.3B Webster acquisition toward closing.
Likely supportive for SAN as it de-risks the transaction, though remaining approvals (Fed/ECB, DOJ review) still cap near-term certainty.
Background
Banco Santander’s US subsidiary filed for OCC approval for the Webster Bank merger; Webster shareholders already approved the deal in May.
Why it matters
OCC approval is a concrete regulatory milestone that reduces execution risk, but closing still requires Fed and ECB green lights plus DOJ competitive effects review.
Market relevance
Regulatory de-risking for a large, announced bank M&A deal; traders may reprice deal-completion odds ahead of Fed/ECB decisions.
Market effects
Adds to the evidence that large bank M&A can clear US regulators, potentially supporting sentiment toward regional-bank consolidation.
Could strengthen expectations for a larger Northeast/regional banking footprint in the US once approvals complete.
Highlights cross-border regulatory coordination (OCC, Fed, ECB) for European banks expanding in the US.
Alternative perspectives
OCC approval may already be partially priced given the deal’s long approval timeline; remaining Fed/ECB approvals and DOJ competitive review could still introduce delays or conditions.
The article notes DOJ antitrust review and prior political/trade concerns; any change in those could reintroduce deal risk even after OCC clearance.
Key entities
- acquirerBanco Santander
Spanish banking group whose US subsidiary (Santander Bank N.A.) received OCC approval for the Webster Bank merger.
- targetWebster Financial
US regional bank whose disclosed filing confirms OCC approval as part of its $12.3B acquisition by Santander.
- regulatorOffice of the Comptroller of the Currency (OCC)
US regulator that approved the merger of Webster Bank into Santander Bank N.A. on June 12.
- regulatorsFederal Reserve Board & European Central Bank
Remaining approvals required before the transaction can close.
- regulatorU.S. Department of Justice
Will review anticipated competitive effects for potential antitrust concerns.
