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Catalonia: Banco de Sabadell relocates its headquarters outside the region

Ⓒ AFP – PIERRE-PHILIPPE MARCOU – | Banco Sabadell, the second largest bank in Catalonia, the most affected with a collapse of its course of nearly 6%, foresees a possible departure from its headquarters in Catalonia

The second Catalan bank, Banco de Sabadell, decided Thursday to move its headquarters outside Catalonia, in the city of Alicante (south-eastern Spain) announced a spokesman to AFP.

The procedure, which concerns only the bank’s corporate domicile and not its staff, will start Friday “and will be fast”, taking a few days, he said after an extraordinary meeting of the board of directors. the bank, the fifth of Spain.

The decision was taken after a sharp fall in the stock market price of the bank’s stock on Monday and Wednesday, amid growing concerns over the crisis between the Spanish government and separatist leaders in Catalonia.

The latter were planning to unilaterally declare independence on Monday, during a parliamentary session which was finally suspended Thursday by the Spanish courts.

The siege of Banco de Sabadell was hitherto in the Catalan town of Sabadell, about 400 km northeast of Alicante.

The Catalan banks “said that if the process of independence were to continue, they were totally open to a relocation of their headquarters,” Economy Minister Luis de Guindos told Bloomberg TV on Tuesday.

Source: CaixaBank, the first bank in Catalonia and third in Spain, said Thursday that “no decision was taken”. But the daily El Mundo evokes a temporary shift of the head office to the Balearic Islands (south-east).

The biggest fear of the Catalan banks is to find themselves outside the euro zone in case of a unilateral declaration of independence of their region, which would make them lose their access to the financing of the European Central Bank.

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