Spanish bank Santander is betting $12bn on a US expansion via its acquisition of Webster Financial, a Connecticut-based lender. This move comes despite a long history of European banks struggling to gain traction in the complex US market.

Santander believes its approach differs, targeting underserved small-business and middle-market clients overlooked by larger rivals. The deal's scale signals confidence in Webster's niche position and regulatory standing. Webster Financial represents a strategic foothold for Santander in the US, aiming to leverage its regional expertise against entrenched competitors.