The Federal Reserve has approved Banco Santander's acquisition of Webster Bank, clearing the last significant regulatory obstacle for the Spanish lender's expansion in the United States.
The decision, reported by Expansion, allows Santander to proceed with integrating the Connecticut-based institution into its US operations.
5 billion in unpaid credits under a hypothetical severe global recession scenario, confirming its financial resilience to US regulators.
This approval follows Santander's successful completion of the Federal Reserve's annual stress tests earlier this year.
The Spanish bank demonstrated the capacity to absorb $8.5 billion in unpaid credits under a hypothetical severe global recession scenario, confirming its financial resilience to US regulators.
The stress test results were part of a broader confirmation that the 32 largest US banks possess adequate capital buffers to withstand economic downturns.
The acquisition of Webster Bank represents a strategic move for Santander to deepen its footprint in the US market.