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La Caixa Bank Foundation moves its headquarters to Palma

It is the largest shareholder of CaixaBank, with 40% of the capital through the holding industrial Criteria

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Changes of headquarters continue in shareholding of old Caixa. The holding industrial Criteria Caixa, a company held at 100% by Banking Foundation "La Caixa", has reported that foundation's board of Trustees, "as a sole shareholder of CriteriaCaixa, at its meeting yesterday, October 6, 2017, has Agreed, to maintain interests and normal operations of entity, and as long as current situation in Catalonia is maintained, transfer of registered office to Plaza Weyler, 3, in Palma de Mallorca.

On or hand, Council of CaixaBank has reconvened this morning and has informed that "it has unanimously decided and at meeting today, to transfer registered office to Calle Pintor Sorolla, 2-4, of Valencia, giving new wording to article 4 (1)" Of Social statutes ". The bank has used decree approved yesterday by Government and published this morning in BOE.

The CaixaBank agreement is a legal procedure because Council held last Friday could not change article 4 of Statutes as re was no Government decree. This morning y have done it and have official march from Barcelona to Valencia.

However, statement of Bank Foundation La Caixa, chaired by Isidro Fainé, is relevant. First of all, entity that controls bank with 40% of shares, says it moves its headquarters to Palma, not to Valencia. The Balearic city was destination initially chosen for CaixaBank, according to sources of entity, but finally opposition on part of Council, arguing that it would not be well seen by some clients and shareholders, caused bank to end with headquarters in Valencia.

There is a second relevant aspect. The Bank Foundation claims that Barcelona is leaving "as long as current situation in Catalonia is maintained", that is, it grants possibility of returning, so it can be considered a temporary movement. The low dependence on international markets allows foundation to make a smoor, less traumatic move. However, it also leaves Catalonia because if re was a hypotical unilateral declaration of independence, large international funds that have about 32% of capital of bank could disturb m that first shareholder was in a limbo Catalan legal. The exceptionality of this situation will cause foundation and its bank to have social headquarters for first time in different cities.


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