Banco Sabadell Plans Extraordinary Board Meeting to Discuss Headquarters Relocation
MADRID, Spain (Reuters) - Spain's Banco Sabadell has announced an extraordinary board meeting for Wednesday to consider transferring its headquarters back to Catalonia from Alicante, as per a statement submitted to the stock market regulator.
Sources familiar with the matter had previously indicated that the board would recommend returning the headquarters to Sabadell, a Catalan town.
"The (regulator) will be duly notified as soon as the board of directors has reached a resolution on this matter," the lender stated on Wednesday.
If Sabadell proceeds with the move, it would mark the first major company to return to the region since the failed Catalan independence referendum in October 2017, which prompted numerous companies to relocate outside of Catalonia, including Sabadell.
Salvador Illa of the Socialist Party, led by Prime Minister Pedro Sanchez, assumed leadership of the Catalan government last year, ending over a decade of separatist governance.
Banco Sabadell is currently facing a hostile takeover bid from larger rival BBVA, valued at over €12 billion ($12.64 billion) in April. The Spanish government has expressed opposition to the deal.
In November, Spain's competition watchdog determined that BBVA's all-share offer required an extended antitrust review, potentially extending the process into 2025.