Santander Says Webster Buy 'Right Deal at Right Time'

Summary

Banco Santander Executive Chair Ana Botin discusses the bank's $12 billion acquisition of Webster Financial as a strategically important expansion of its US business. She argues the deal scales Santander's US operations, complements its consumer footprint with Webster's commercial focus, and supports EPS accretion and return targets. Botin also highlights the US as a core, attractive market and reaffirms shareholder returns, including a $5 billion buyback.

• Santander is acquiring Webster Financial in a $12 billion US deal.
• Botin says Webster adds commercial banking scale to Santander's US consumer business.
• The deal is expected to add 7-8% to EPS over the next few years.
• Santander targets 18% return on tangible equity in the US by 2028.
• Botin calls the US the most attractive risk-return market and a core market.
• Santander announced a $5 billion share buyback and expects increasing distributions.
• Shares fell 4% as the market digested the deal and loan-loss provisions.