Sabadell Board to Consider Return to Catalonia Headquarters
Spain's Banco Sabadell will hold an extraordinary board meeting on Wednesday to discuss potentially relocating its headquarters back to Catalonia. The bank has previously emphasized its significance to the Catalan economy as a rationale for investors to reject BBVA's hostile takeover bid.
Sabadell relocated its headquarters to Alicante due to uncertainties surrounding Catalonia's independence bid in 2017. At the time, the bank cited concerns that a secession from Spain would have resulted in Catalan banks losing European Central Bank supervision and deposit insurance.
Although Sabadell did not provide an explicit reason for the proposed move, the bank has been vocal about its importance to the Catalan economy in its defense against BBVA's takeover attempt. The Spanish government and competition watchdog have both opposed the BBVA bid, citing potential harm to the financial system and job losses.
If Sabadell were to return to Catalonia, it would mark the first major company to do so following the failed independence bid in 2017. The move comes amidst easing market tensions around independence and the appointment of a non-separatist government in Catalonia.
"This decision makes sense because the normalization process in Catalonia has neutralized the conditions that prompted Sabadell's departure," said Economy Minister Carlos Cuerpo.
The decision is not believed to be linked to BBVA's bid, which is facing extended antitrust review. Catalan lender Caixabank had also relocated its legal bases outside Catalonia after the 2017 independence bid.