Catalonia companies on the move

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CATALONIA COMPANIES ON THE MOVE
CRISIS MOVE: Banco Sabadell is the first major company to react to ongoing issues. Photo credit: Wikimedia

IN VIEW of the deepening crisis in Catalonia following the referendum vote on October 1, the board of directors of the Banco Sabadell have decided to move their corporate HQ to Alicante during an emergency meeting.

The change of headquarters will ensure that Banco Sabadell will stay under European Central Bank (ECB) regulations in the event of a formal Catalan split from Spain, and will also guarantee the interests of customers, workers and shareholders irrespective of what happens in the future.

A consequence of this move means that any corporation tax will now be paid to Alicante rather than in Catalonia.

It’s understood that the Banco Sabadell won’t be the last major business that will make similar moves out of Catalonia. Fellow banking organisation Caixa Bank are planning a board meeting to discuss the options and the major insurance company Grupo Catalana Occidente have written to all its employees to assure them that measures will be taken to ensure their future working security.

Because of the crisis in Catalonia, central government in Madrid have agreed changes to the law which permits companies to relocate their HQ immediately, rather than wait for their shareholders to give their blessing to the move.

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