Spain's economy minister says Catalan bank clients, business have nothing to fear

Spain's Economy Minister said on Wednesday that the clients of Catalan banks and businesses have nothing to fear from a growing crisis in the region which has said it will declare independence from the rest of Spain following a banned referendum.

"Catalan banks are Spanish banks and European banks are solid and their clients have nothing to fear," Luis de Guindos said on the sidelines of a conference in Madrid.

Guindos also said Spain's King Felipe VI comments on Tuesday, in which he accused Catalan secessionist leaders of shattering democratic principles and dividing Catalan society, were "correct and very clear."