MADRID, Feb 6 (Reuters) - A Madrid court reduced by 8 million euros to 43.4 million euros ($46.75 million) the compensation awarded to Italian banker Andrea Orcel last year after Santander withdrew an offer to make him its CEO, a court document showed. The court however said that the offer letter from Santander to Orcel was a binding contract, the document seen by Reuters on Monday said.

($1 = 0.9284 euros) (Reporting by Jesús Aguado; additional reporting by Emma Pinedo; editing by)