Oct 26 (Reuters) - Banco Santander :
* CEO Jose Antonio Alvarez says Santander would look into purchase of Novo Banco if Portugal proceeds with a sell-off
* "We are analyzing all the alternatives in our principal markets and Portugal is one of those. If a formal process were to begin, we would study it," Alvarez told a news conference.
* Portugal is studying various ways of selling Novo Banco, after rescuing it in 2014, including the direct sale to one bidder via the ongoing bidding process or by offering stakes to one or more institutions. Source text for Eikon: Further company coverage: (Reporting by Madrid newsroom)