Spanish bank’s move points to possible permanent exodus from Catalonia
Madrid — Banco Sabadell is considering moving some of its top management from Catalonia to Madrid, a source close to the board said on Tuesday, in a first sign that a short-term business exodus from the restive region may become more permanent. Like hundreds of other Catalan businesses, Sabadell, Spain’s fifth-biggest bank, transferred its registered offices out of Catalonia earlier this month to seek legal certainty as the region’s leaders press ahead with a secession campaign. An eventual break from Spain would leave Catalonia, which accounts for one-fifth of the country’s economic output, outside the EU and the consumer protections it offers — a source of concern for many depositors and companies. The source said that if Catalan president Carles Puigdemont did not drop its independence plans by Thursday, as requested by Spain’s central government, the bank’s board would consider at its next meeting on October 26 moving the office of Chairman Josep Oliu and the heads of several bu...
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