Alex Trelinski
SABADELL Bank will move its headquarters back to Barcelona, seven years after setting up shop in Alicante due to Catalunya’s illegal independence referendum.
The bank will ‘return home’ in the midst of a battle to avoid a hostile takeover by BBVA, with some analysts suggesting it will give it more political clout to fend off its rival.
Sabadell was one of thousands of companies that moved their HQ from Catalunya in 2017 when the referendum organised by Carles Puigdemont’s government was ruled illegal by the Constitutional Court.
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At the time, it was argued that the decision was taken to stop the flight of deposits from people who feared that the independence process could lead to the loss of their savings.
Alicante mayor, Luis Barcala, said he was ‘deeply disappointed’ and ‘surprised’ by the bank’s decision.
“Sabadell asked for the help of Alicante and its people in its fight against BBVA and we gave it to them,” he added.
Valencian president, Carlos Mazon, said that Sabadell head Josep Oliu had given him a guarantee that jobs and offices will remain as they are in the city and across Alicante province.
He nevertheless described it as ‘bad news’.
Meanwhile, the leader of Catalunya’s largest business lobby Foment del Treball, Josep Sanchez Llibre, described Sabadell’s return as ‘great news for the region’ and predicted other businesses would follow.
The exodus after the 2017 independence bid was a blow to Catalunya’s image as Spain’s economic powerhouse and it has since been overtaken by Madrid as the region with the highest GDP.
Caixabank also moved its legal headquarters from the region and a spokesperson said its domicile was in Valencia ‘on an indefinite basis and is not under review’.
For me, a very odd decision. To suggest that the move back to Catalonia will provide “more political clout to fend off its rival.” begs the question: to what extent are businesses in Spain protected by government?
At the end of the day it will be the shareholders who make the decisions!