The Board of Directors of Banco Sabadell has convened an extraordinary meeting this afternoon with aim of approving a change of entity's social headquarters in face of crisis by Catalan independence challenge, as country has confirmed. It is already decided that change in social address will be produced and what is going to be distanned is destination. The options of Madrid, Alicante or some Asturian municipality are shuffled, among ors. After knowing decision, bank, which during this morning fell into stock market, has begun to recover and before noon already went over 3%.
The entity that chairs Josep Oliu has confirmed change of venue, although insists that at meeting this afternoon will decide details and ensures that transfer of social headquarters is simply a technical decision, that bank does not position itself politically and that It simply makes decisions you consider most appropriate to protect interests of customers. In fact, same Oliu day before yesterday already warned that in face of "disturbing" political situation that crosses Spain financial institution would take "sufficient measures" to protect interests of its customers and shareholders.
Yesterday, Catalan banks, Sabadell and CaixaBank were accusing tension for independence challenge and were values most punished in stock market, with drops above 5% and losses of more than 3 billion in stock market capitalization since referendum of Sunday. And y acknowledge that y will take necessary measures to preserve interests of ir clients and shareholders in case situation overflows. Among se measures was change of venue, which Sabadell has already decided.
Banco Sabadell's social address change option has been on table for a long time. The option of taking off from Catalonia its headquarters has already gained strength when former president Artur Mas called elections of 27-S, to which he wanted to give a character "Plebiscitario" and, in particular, after declaration of Junts PEL Yes and CUP of 9-N. That issue came to be on verge of being approached by bank's board of directors, although it finally jumped out of agenda, according to sources close to entity. The bank considered that it could not afford any of uncertainties posed by Catalan executive's independence plans. But heaviest argument is that, as European Commission has recalled in numerous cosasiones, Catalonia will be left out of European Union, something that entity cannot afford.No decision taken in CaixaBank
Sabadell's decision now puts pressure on CaixaBank who is a leader in Spanish retail market and that se days he is also being punished in stock market. Official sources of entity ensure: "There is no decision taken on change of venue to date today." "When re is something to be said will be communicated." The entity is based in Barcelona. It has been speculated possibility that could move it to Palma or even Madrid, but bank that presides Jordi Gual does not confirm this end. Two days ago, in an internal note intended for its employees, CaixaBank said that entity's "only objective" is to "protect, at all times, interests of its customers, shareholders and employees", to point out that this will guide "future decisions". After knowing plans of Sabadell to move its headquarters, actions of CaixaBank have begun to rise and at noon rose above 1%.