Catalan banks Sabadell and Caixabank weigh headquarter shift options
Catalonia-based banks Banco Sabadell and Caixabank were both considering transferring their headquarters out of the region in the wake of the current independence crisis.
Banco de Sabadell
€1.52
18:15 23/04/24
CaixaBank SA
€4.94
18:15 23/04/24
IBEX 35
11,075.40
18:45 23/04/24
IBEX TOP DIVIDENDO
3,120.60
18:45 23/04/24
Regional leader Carles Puigdemont is preparing the province for a unilateral declaration of independence after Sunday’s controversial referendum.
The share price of both banks have tanked since the vote, as investors fear a withdrawal of deposits from the entities as the situation becomes more precarious.
Sabadell’s board have called a meeting on Thursday evening in order to a move, with Madrid and Alicante among the cities being considered. The change of headquarters could be made in a matter of hours, without having to call an extraordinary shareholders meeting.
Caixabank will also consider such a move if Catalonia were to defy orders from Madrid and declare independence, the Financial Times reported.
Caixabank maintains a large presence in Barcelona and other areas of the region, and the withdrawal of its headquarters there would deal a significant blow to the economic interests of Catalonia.
Both banks rebounded in early trading in the Ibex 35 on Thursday, with Sabadell up over 5% and Caixabank by 3.5%, pushing the index upward after a heavy fall on Wednesday.
Puigdemont had been expected by many to make the declaration in a speech on Wednesday, but said that it would come at the end of this week or the beginning of next week.
Hundreds of people were injured at polling stations across Catalonia as police clashed with voters, after the central government in Madrid enforced a decision by the constitutional court to declare the referendum illegal.