OCC approves Santander's acquisition of Webster Bank

Banking Dive··Read original
3▲2 ▼0Impact / 5
Summary · why it matters

The Office of the Comptroller of the Currency has approved Santander's application to acquire Webster Bank, according to a Tuesday SEC filing by the Connecticut lender. The approval, dated June 12, came 74 days after the Spanish bank submitted its application to the OCC. The $12.3 billion transaction still requires approval from the Federal Reserve and the European Central Bank. Santander expects the deal, which would create a $327 billion-asset U.S. lender, to close in the second half of this year.

Impact on assets 2

Financials▲ · 2 stocks
Banco Santander SA ADR
SAN
▲ PositiveCapitalRegulationrelevance

OCC approval is a key regulatory step for Santander's acquisition of Webster Bank, moving the deal forward.

Webster Financial Corporation
WBS
▲ PositiveCapitalrelevance

OCC approval advances the acquisition by Santander, which is positive for Webster Financial as it is being acquired at a premium.

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