Banco Sabadell has unveiled plans to move headquarters from Barcelona to Alicante following Catalonia’s political turmoil .
The prospect of Catalonia declaring independence from Spain has sparked fears that some businesses would have to relocate away from the region in order to guarantee continued access to the rest of Spain and European Union.
Hence Barcelona-headquartered Banco Sabadell announced on 5 October it will relocate its headquarters in Alicante, a change of registered office that will ensure the entity remains under the regulatory umbrella of the ECB given the case of a hypothetical secession.
The move can be explained by the fact that the Valencian Community (where Alicante is based) is the most important region for the bank after Catalonia, where it has its largest number of employees and network.
After the announcement -made on 5 October 2017 when the managing board of Sabadell held an extraordinary meeting to discuss the move- the bank rebounded up to 6% on the Spanish Stock Exchange after having fell up to 5% on the opening of 4 October.
The company said the transfer to Alicante does not involve any movement of its employees, and added: “We have made the decision in order to protect the interests of our customers, shareholders and workers.”
And in the midst of this context, the Spanish Council of Ministers could approve on Friday 6 October a decree aimed at facilitating a quick departure of companies from Catalonia, according to Reuters.
The legal measure would enable companies to move their headquarters without needing the first validation of their shareholders board.