Catalan independence: Major banks and businesses move out of Barcelona

The Caixa Towers in Barcelona The Caixa Towers in Barcelona Jordiferrer Wikimedia

A NUMBER of high profile companies have already announced that they will move their head offices out of Barcelona and others are considering their future.

It seems that the Sabadell Bank has made the decision to move in the event of independence to either Alicante or Madrid whilst it is strongly expected that CaixaBank will decide at an Extraordinary General Meeting to look to move to the Balearics.

Other companies who are definitely moving are telecommunications operator Eurona which has properties acquired following takeovers in Madrid whilst dental specialists Proclinic Expert have their eyes set on Zaragoza.

In addition and supposedly not due to the possibility of independence, Oryzon, a biotech company founded in Barcelona in 2000, confirmed through the Spanish  stock exchange that it will be moving its head office to Madrid.

Independence could prove to be a major problem for banks headquartered in Cataluña as in the event that the new Catalan State should fall into financial difficulty, it would be unlikely to underwrite the liabilities of banks based there, whilst those who have head offices in Spain would continue to receive protection.

Share prices fell with the announcement of the result of the referendum but for those who have either announced or indicated the likelihood of moving out of the region have seen some very significant gains.

Comments (2)

  1. Dave Allison

Dont write a comment supporting Catalan, it wont be printed, Even the Brit papers are bent and corrupt

  1. Dave Allison

Andorra seems to do alright, tell the banks to naff off if they don't like it. Its good to see some people have balls and are willing to stand up to the domineering bas*ards. Catalan WILL survive and thrive.....

There are no comments posted here yet

Leave your comments

Posting comment as a guest. Sign up or login to your account.
0 Characters
Attachments (0 / 3)
Share Your Location

Poll of the Week

Do you send online Christmas cards?

Create Spain Alert

Do you want to be the first to receive our latest news from Spain? Subscribe here.

Latest Tweets

Unknown mischief-makers turn nativity scene into porn on Spanish roundabout
One view on the move forward to Phase Two Brexit negotiations
IN DEPTH: ‘Humiliation’? ‘Riots’? ‘Minor incidents’? Insiders dispute what is really happening at Archidona prison…
Follow Euro Weekly News on Twitter

Post Gallery

Police smash animal trafficking network in the Balearics

Icelandic airline to launch daily flights between Spain and UK

Spain's government challenges 'bloodless bullfighting' law

Spain celebrates glittering Michelin 2018 stars in restaurant awards

UK MP lashes Spain for having ‘a problem with democracy'

Weather alerts for whole of Spain as Storm Ana set to hit TODAY

BENIDORM BALCONY DEATH: Family battle to find clothes Kirsty Maxwell was wearing

Charter flights from UK airports to Gibraltar trialled next July

Kalashnikovs among huge weapons haul seized in Almeria