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Banco Sabadell approves the change of headquarters to Alicante and CaixaBank prepares the transfer to Palma de Mallorca

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Banco Sabadell approves the change of headquarters to Alicante and CaixaBank prepares the transfer to Palma de Mallorca

Advisors to financial institution, supporters of having a temporary seat change plan ready if necessary to protect customers.

Gual and Oliu form a entente before Junqueras to try to stop DUI

Sabadell's extraordinary meeting to change social address

Catalan West also raises change of venue

Market psychosis at risk of an economic meltdown in Catalonia for possible declaration of Independence precipitates Historical decisions in two large Catalan banks. The Banco Sabadell and CaixaBank set in motion decisions of change of domicile with Alicante and Palma de Mallorca as venues chosen. The Board of Directors of Banco Sabadell has formally approved this afternoon transfer of headquarters to Alicante "for uncertainty" and a principle of legal certainty, according to sources aware of decision, which will be communicated shortly to Commission National stock market.

"This is a technical and non-political decision in order to protect our clients and shareholders," said sources of entity to this diary. As soon as scope of Council meeting has been known, quotation has turned with strong rises. The market rewards departure of Catalonia.

For its part, Executive committee of CaixaBank, first Bank of Catalonia, has supported this Thursday to move its headquarters to Balearic Islands, or historical community of financial institution, if necessary to protect customers. Sources close to board of Directors of Catalan bank assure world that re are supporters to prepare and communicate possibility of a temporary transfer of social headquarters to Balearic Islands in case of a situation of legal uncertainty With Declaration of Independence. La Caixa has its origin in so-called pension fund for old-age and savings in Catalonia and Balearic Islands, founded in 1904. The Balearic archipelago is also in roots of entity.

The Board of Directors of CaixaBank is planning to formalize this Friday transfer of registered office under presidency of, Jordi Gual.

The president of Banco Sabadell, Josep Oliu, spoke about "disturbing" political situation in Catalonia, this Tuesday, during delivery of a prize in Oviedo. Efe

At moment, official sources of CaixaBank assure that re is no formal decision taken and that social headquarters remains historical one of Barcelona. These are famous black towers on Avinguda Diagonal where flags of Catalonia and Spain are always flying. In any case, it would not be necessary in principle, in case of temporary change of domicile, transfer of operational headquarters, as it happens in Bankia, which has formally its headquarters in Valencia, but its headquarters of operations in Madrid. A decision of change of domicile implies, according to statutes of bank, a process with several phases that includes approval of Board of directors and even board of shareholders, but this procedure is resolved with Decree law that prepares Ministry of Economy.

As for Banco Sabadell, among candidate cities to house registered office were Madrid, Alicante and Oviedo, although central services of entity, in any case, would still be located in Barcelona. According to sources consulted, Alicante had most options, since it was seat of savings Bank of Mediterranean, which was absorbed in 2011 by Sabadell. The objective of change of seat is to guarantee legal certainty provided by regulatory framework and financing of European Central Bank (ECB) and ensure that customers are covered by Deposit Guarantee Fund.

With view before plenary of Parlament

CaixaBank and Banco Sabadell have already seen next Monday, to activate mechanisms that would disconnect m from risk of a unilateral declaration of independence.

So far, possibility of activating this plan was a hyposis. But with president of Generalitat, Carles Puigdemont, threatening to launch Unilateral Declaration of Independence (DUI) on Monday, worst scenario has claimed visions of reality. CaixaBank concentrates in Catalonia a risk of 61,766,000,000 euros, 22% of all who have in Spain. For its part, Sabadell is played directly 32,645,000,000, 29% of total in Spain.

These 94 billion suppose almost half of deposits that according to last report of Bank of Spain, has located bank in Catalonia. And y are reason enough that, according to financial sources Presidents of both entities, Jordi Gual and Josep Oliu, have created a entente destined to make understand Generalitat consequences of a DUI next Monday.

Its interlocutor in Catalan government is vice-president, Oriol Junqueras, to whom y try to convince on what change of social headquarters from Barcelona to anor Spanish or European capital implies. There are no bridges with Puigdemont, according to se same sources.

Yesterday, moreover, banking sector could barely disguise its concern about fear that some of its private and corporate customers are demonstrating about ir savings. In this sense, most demanded operation would be to transfer funds within same entity but outside Catalonia. There are also banks that have been instructed to capture ' delicately ' resources from banks based in Catalonia.

Both CaixaBank and Sabadell stated that situation between ir clients is absolutely normal within circumstances. "As long as legal framework does not change, re is no risk," y said in a bank.

In event that political circumstances are Precipitasen, plan to change headquarters and remain in Spanish legal framework guarantees operations, deposits and financing of ECB.

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