The return of Banco Sabadell to Catalonia It is not complete but rather they leave it halfway, for the moment. A few days ago the entity approved Alicante and install the registered office in the Catalan city that gives its name to the group, … A news advanced by ABC. But that only applies to the matrix, since the private banking and insurance subsidiaries will remain in Madrid.
The bank chaired by Josep Oliu It justifies the decision to return to Catalonia that “now that the circumstances that motivated the transfer” are no longer given. ” At the beginning of October 2017, for the instability and legal insecurity of the ‘procés’, the entity chose Alicante to install its matrix, Banco de Sabadell SA. The chosen place had its reason for being there was the extinct Savings Bank of the Mediterranean (CAM), absorbed a few years earlier.
In 2017, by the ‘procés’the bank decided to get Catalonia too, although in this case to Madrid, other group societies. The insurance business, which mainly covers the ‘Joint Venture’ with Zurich, was almost completely moved to the Spanish capital; The movement affected Bansabadell Pensions, Bansabadell Vida, Bansabadell Auxiliary Services of Insurance and Bansabadell General Insurance. In total, four companies in their agreement with the Swiss company that made their bags to leave Catalonia. Beyond this, at that time another smaller subsidiary of insurance, Bansabadell Mediation, went to Alicante since this leg was inheritance of the extinct CAM.
In spite of everything, now that Sabadell has approved its return to Catalonia, it will not run completely. The insurance business will remain installed in Madrid – and in Alicante will follow the other smaller subsidiary – and there are no plans for that to change.
The bank could choose to return the insurance business to Catalonia but in this case more interests come into play. Zurich, to the ‘procés’, was headquarters of his subsidiary in Spain in Catalonia. When independence made stability and legal certainty jump through the air, Zurich decided to change to Madrid. There he has not communicated any intention, for now, to take the headquarters to the Catalan community. Sabadell, in this case, has chosen to keep his ‘Joint Venture’ in the Spanish capital with the Switzerland.
The agreement with Zurich is a very profitable alliance for the bank that comes from years ago and also threatens to break if the BBVA OPA triumphs. According to analysts, the Basque Bank could have to pay up to 500 million euros to the Swiss for breaking the bank of banks that the Sabadell is in force. For now, it will remain in force as long as the aforementioned OPA is not resolved and with the business in Madrid.
The decision that the Sabadell made in 2017 with his insurance was very similar to that adopted by Caixabank with his business in this segment, which is divided into two areas. Segurcaixa Adeslas – a society that he shares next to Mutua Madrid – and Vidacaixa stopped hosting in Catalonia and moved to Madrid. The difference, in this case, is that CaixaBank has not communicated at any time to move its headquarters after the Sabadell has done with its matrix.
The matrix
What he announced is the return to Catalonia of Banco de Sabadell SA. It justifies the decision in that “now that the circumstances that motivated the transfer” are no longer given “more than seven years for the ‘process’.
Insurance
Four societies of their agreement with Zurich in Insurance will be in Madrid and will not return to Catalonia. Another will stay in Alicante, inheritance of the ancient cam.
Private Banking
In private banking, the brand of the Urquijo Bank is served, absorbed just under 20 years ago. He has always been in Madrid and now they do not move to Catalonia.
The other leg that stays in Madrid is that of the private banking business, that is, the one destined to serve the great assets. A highly appreciated area in the financial sector for the profitability reported by the advice and management of large national and international fortunes.
In this case, the Sabadell It is served in private banking of a historical brand such as Banco Urquijo, an entity that absorbed a little less than 20 years ago. It operates through the Urquijo Management and Banco Urquijo Sabadell Banca Private Bank.
The historic Urquijo is a Madrid entity and that Sabadell has kept in the capital since he bought it. At the moment, despite the turn undertaken by the bank to look at Catalonia when we take back the headquarters of the matrix, the same is not intended to do with these subsidiaries. In this way, the private banking business will continue to have its base in Madrid since there are no plans in Sabadell to change the headquarters.
Apart from all these societies, the bank has not really disconnected at all at the corporate level of Catalonia. For example, Sabadell Consumer Finance, the entity’s consumption financing division, has never come to leave the region as they did with other subsidiaries.
Defensive gesture
The movement undertaken by the Sabadell Back to Catalonia, although halfway, it is understood from the financial sector as a defensive gesture in front of the BBVA OPA. The official version is that the conditions in Catalonia are no longer the same as in 2017, but the bank has not moved back everything it took out in that year. Hence there are those who see the change of registered office of the matrix more as a wink to catalanity to try to shield against the OPA.
Likewise, the fact of returning the headquarters of the matrix to the Catalan city that gives its name to the bank is only one of the movements that it has launched or plans to implement the entity of Josep Oliu to try to reject the OPA. One of them, as reported by means such as ‘El País’ and ‘El Confidencial’, would be to communicate to market in the presentation of annual results an increase in the dividend to the shareholders.
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