MADRID, April 23 (Reuters) – Santander will suspend its share buyback programme pending approval from U.S. lender Webster Financial’s shareholders for a $12.2 billion takeover by the Spanish bank.
The suspension will run from April 24 to May 26 inclusive, coinciding with the date of Webster’s shareholder meeting, Santander said on Thursday in a filing to the market supervisor.
The buyback is expected to resume on May 27 and run through to August 20.
Santander announced the acquisition of Webster Financial in February, aiming to become a significant player in U.S. retail banking.
(Reporting by Emma PinedoEditing by Jesús Aguado and David Goodman)
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