Sabadell picks Alicante
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’