Catalonia’s second biggest bank, Banco Sabadell is to move its registered office to Alicante. The board of directors has confirmed the move today, Thursday, in order to reverse the losses that it was suffering in the markets.
During the course of the week the share price `plummeted by almost 10% although it began to recover on Thursday afternoon following the decision to relocate.
The decision on Thursday by Banco de Sabadell to move its headquarters to Alicante came at the same time that CaixaBank, the biggest bank in the region and the country’s third largest, also considered domiciling outside Catalonia.
The move will also ensure that whatever happens in Catalonia, the bank will remain under the protection of the ECB and the Bank of Spain. In this way it seeks to reassure not only its investors, but also depositors, who had grown increasingly concerned about the safety of their savings.
Although the bank had also considered the possibility of moving its headquarters to Madrid, Alicante was finally chosen to prevent the movement from being interpreted politically in Catalonia – although some formations such as the CUP have already called for a boycott of the bank.
The change of registered address will not mean any transfer of staff to Alicante since the operational headquarters of the Sabadell will remain in Sant Cugat and Barcelona. Of course, the change will mean that the bank will in future pay its taxes in the Valencian Community. In addition, it will be an important impetus for the financial image of the province, which will return to the Spanish financial map, from which had disappeared after the collapse of the CAM bank.
The president of Sabadell, Josep Oliu, made clear that the bank would do whatever was necessary to protect the interests of its shareholders, depositors and employees in view of the situation created in Catalonia. Thus, since the bank had always said that it would only take 24 hours or less is to move its headquarters outside Catalonia if necessary should independence be proclaimed.
However, the bank has decided not to wait for this situation to occur due to the heavy punishment it was receiving on the stock exchanges and the uneasiness that had been generated among its clients.
Banco Sabadell explains that the change aims to protect its customers and ensure legal certainty provided by the regulatory framework of the European Central Bank – CaixaBank has also announced that it will also leave Catalonia based on “the interests” of its clientele.
Telecommunications company Euronics and Dental specialists Proclinic Expert have also announced they will be moving their operations out of Catalonia.
