Banco Santander and Webster Financial Corporation say the Federal Reserve has approved Santander’s planned acquisition of Webster Bank. In announcements dated Aug. 4, both companies state that the approval from the Board of Governors of the Federal Reserve System is now in place for the deal. Santander previously disclosed the transaction as a $12 billion acquisition of the Connecticut-based Webster, and it says the transaction is expected to close on Aug. 20. The companies characterize Webster and Santander U.S. as a strategic fit, highlighting anticipated support from Santander’s broader platforms, technology, and expertise. The sources indicate that the Federal Reserve approval is one of the required regulatory steps and that, following this approval, the timetable for closing proceeds as scheduled. The announcements do not provide additional details about remaining conditions beyond the stated expected closing date. Overall, the reporting converges on the key points that regulatory approval has been granted and that the acquisition is set to move forward toward a planned mid-August completion.