Sabadell picks Ali­cante

Costa Blanca News (South Edition) - - News - Djones@cb­news.es

By Dave Jones THE MOVE of Banco Sabadell’s head­quar­ters from Barcelona to Ali­cante was ex­pected to be com­pleted this week.

Although the trans­fer was of­fi­cially fi­nalised last Fri­day, the bank told state news agency EFE that ‘bu­reau­cratic for­mal­i­ties’ still had to be car­ried out.

The Sabadell, which bought the old Ali­cante-based CAM sav­ings bank for one euro in 2011, noted that it was mov­ing to Ali­cante to pro­tect the in­ter­ests of clients, em­ploy­ees and share­hold­ers in the event of a uni­lat­eral dec­la­ra­tion of in­de­pen­dence by the Cata­lan re­gional govern­ment.

Although the ‘cen­tral ser­vices’ of the bank will re­main in Barcelona, the trans­fer of its cor­po­rate ad­dress means that it will pay some taxes in Ali­cante, such as the IAE busi­ness tax, as well as hold­ing share­hold­ers’ meet­ings in the port city.

Sabadell pres­i­dent Josep Oliu said the move will en­sure that the en­tity will re­main un­der the su­per­vi­sion of the Euro­pean Cen­tral Bank, mean­ing that it will con­tinue to op­er­ate ‘with ab­so­lute nor­mal­ity’.

In a state­ment, the Sabadell noted: “Mov­ing the cor­po­rate ad­dress does not mean that we will be mov­ing em­ploy­ees, as we al­ready have op­er­a­tional cen­tres in a num­ber of cities in Spain and the UK.”

The cri­sis-hit re­gion’s other large fi­nan­cial en­tity Caix­a­bank fol­lowed suit, re­veal­ing that it was set to trans­fer its cor­po­rate ad­dress to Va­len­cia.

A num­ber of other em­blem­atic com­pa­nies such as Cava pro­duc­ers Freix­enet said they were also poised to move.

Freix­enet pres­i­dent José Luis Bonet warned that large num­bers of busi­nesses would be forced to trans­fer their cor­po­rate ad­dresses if Cataluña be­came in­de­pen­dent.

Josep Oliu said the move will en­sure the bank can op­er­ate with ‘ab­so­lute nor­mal­ity’

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