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SANTANDER, Spain, June 20 (Reuters) - Some institutional depositors withdrew their money from Spain's Banco Popular after downgrades of the bank's credit rating, Economy Minister Luis de Guindos said on Tuesday.
"The policy of institutions on where to deposit cash depends on the credit rating of the bank and that means that some institutional depositors withdrew their cash as a consequence of rating downgrades," he said.
Banco Santander agreed to buy Banco Popular for the symbolic price of one euro earlier this month after EU authorities stepped in and declared the lender "failing or likely to fail". (Reporting By Jesus Aguado; Writing by Sonya Dowsett; Editing by Paul Day)