Santander buys US bank Webster Financial for $12.2 billion to expand retail presence

Spain's Banco Santander is making a major move to grow its US business by agreeing to buy Webster Financial for $12.2 billion. The deal is part of Santander's plan to become a bigger retail bank in the United States.

Alongside announcing the acquisition, Santander also reported quarterly earnings that beat expectations and launched a new share buyback program.