June 7, 2017 / 7:47 AM / a month ago

Santander purchase of Popular is good outcome: Spanish Economy Minister

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FILE PHOTO: Spain's Economy Minister Luis de Guindos speaks during a news conference after the weekly cabinet meeting at Moncloa Palace in Madrid, Spain March 31, 2017.Sergio Perez

MADRID (Reuters) - Spanish Economy Minister Luis de Guindos said on Wednesday Santander's (SAN.MC) acquisition of Popular POP.MC carried out under the guidelines of the European Central Bank was a good resolution for the troubled bank.

"It's a good outcome for the bank, given the situation it had arrived at in recent weeks, as it implies maximum protection for depositors and continuity of the bank's operations," Minister Luis de Guindos said in a statement.

The operation would not involve tax payer money and avoided any credit risk contagion for Spain and its banking sector, he said.

Reporting By Sonya Dowsett; Editing by Jesus Aguado

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