Banco Santander cleared a critical regulatory hurdle for its $12.2 billion acquisition of Webster Financial when the Office of the Comptroller of the Currency approved the merger on June 12, moving the financial company deal closer to completion.
The OCC approval marks the first of multiple regulatory sign-offs required for the transaction. Santander Bank N.A. submitted its bank merger application to the OCC on March 30, and the agency approved the application to fold Webster Bank into Santander Bank just 74 days later, according to a Webster Financial securities filing released Tuesday.
The acquisition combines Santander’s consumer finance operations with Webster’s commercial franchise and deposit base. Webster shareholders approved the deal in May 2026 with more than 115.7 million votes in favor and a valid quorum of 72.3 percent, clearing the shareholder approval milestone earlier this year.
Remaining Regulatory Requirements
Despite the OCC approval, the deal still requires sign-off from the Federal Reserve Board and the European Central Bank before it can close. The U.S. Department of Justice will also conduct an antitrust review to analyze competitive effects of the proposed transaction.
Santander expects the acquisition to close during the second half of 2026, pending these remaining regulatory approvals. The deal would create a combined entity with roughly $327 billion in assets, positioning Santander among the top 10 U.S. retail and commercial banks.
Strategic Context and Precedent
The Webster acquisition follows Santander’s recent expansion in the United Kingdom. The Spanish banking giant completed its £2.65 billion acquisition of TSB Banking Group on April 30, 2026, after announcing the deal in July 2025. That transaction demonstrated Santander’s capacity to navigate multi-jurisdictional regulatory processes and integrate acquired operations within a compressed timeline.
Santander’s executive chair, Ana Botín, has described the Webster deal as a “historic step” comparable to the TSB purchase, underscoring the strategic importance of both transactions to the bank’s global growth strategy. The combined impact of both acquisitions significantly strengthens Santander’s presence in two major markets—the U.S. and the U.K.—while enhancing scale and profitability metrics.
Sources
- American Banker — OCC approval date (June 12, 2026), timeline of application submission, remaining regulatory requirements, and expected closing timeline.
- Banking Dive — OCC approval confirmation and Federal Reserve and ECB approval requirements.
- Webster Financial Investor Relations — Deal structure, shareholder vote details, and merger agreement terms.
- Santander Press Release — Deal announcement, transaction value, strategic rationale, and expected closing date.
- The Globe and Mail — OCC approval date and remaining regulatory pathway.
