The decision has been made: Banco Sabadell will leave Alicante to establish its headquarters again in Cataloniaspecifically in Sabadell. An exclusive advanced by ABC that has precipitated events in the financial entity directed by Josep Oliu and César González-Bueno, and in … full takeover of BBVA. Today, January 22, the group will formally adopt the movement at an urgent and extraordinary board of directors.
«The board of directors of Banco Sabadell plans to hold an extraordinary meeting today in order to deliberate on the proposal to modify article 2 of the bylaws to establish the registered office in Sabadell, Plaça de Sant Roc nº 20 “As soon as the administrative body of Banco Sabadell adopts an agreement in this regard, other relevant information will be communicated in a timely manner,” the bank has indicated in a relevant fact sent to the National Securities Market Commission. (CNMV).
The extraordinary council will be held in the afternoon and it is expected that the movement will be unanimously approved by the highest decision-making body of the entity, which returns to the autonomous community more than seven years later after leaving due to the instability and risks of the process. .
The Sabadell leadership, led by President Oliu and CEO González-Bueno, has already made a courtesy communication to both the Minister of Economy, Carlos Body, and the President of the Catalan Generalitat, Salvador Illa. Yesterday afternoon, both already communicated the decision to the Valencian president Carlos Mazónwho declared his “respect” for the movement.
In Catalonia, for its part, the transfer of the corporate headquarters to the region is celebrated. Within the Catalan government The news has been received with evident satisfaction, as confirmed by this newspaper from Executive sources. Although a low profile is chosen to avoid making a public declaration of urgency, alleging that it is an economic decision and not a political one, the step taken by Sabadell, and which will be ratified this Wednesday in an extraordinary board of directors, reads as a clear endorsement of the “normalization” policy championed by Salvador Illa’s government after the black decade of the ‘procés’, reports Àlex Gubern.
“This is good news,” is summarized in the Palau de la Generalitat in the face of a decision that Government sources point out speaks for itself and that it is hoped that it will pave the way for the return of the signatures, with the Caixa universe in front, which They left Catalonia after the events of 2017.
In 2017, pushed by the process, thousands of companies decided to move their headquarters outside of Catalonia. The objective was to fight against the instability and risks of the independence movement, which were especially damaging to financial institutions such as Sabadell and Caixabank. In a few months, more than 32.5 billion euros in deposits disappeared from the autonomous community.
The step taken now by Sabadell It means returning to its origins and trying to normalize the situation. In fact, as this newspaper reported, they had been thinking about moving down this path for some time, despite the rejection conveyed by the main managers in public. The conditions, with Illa in the Generalitat, are now radically different from those of 2017 and, in fact, large companies have been pushing for months to return to Catalonia from the political sphere.
The entity is the first in the Ibex 35 and among large companies to make a decision like this. And this puts pressure on the others who have not yet addressed the movement. That year, large companies left Catalonia such as Sabadell itself, which started the stampede on the Ibex, Caixabank, Cellnex, Naturgy, Colonial, Allianz… a long list of companies that have not returned, except now for the Oliu entity.
Likewise, in addition to representing a political and business earthquake, the change of headquarters occurs in the midst of a BBVA takeover bid. This is interpreted, thus, as a defensive move by Sabadell a few months before the operation has to be decided within Competition, the Government and the shareholders must make a decision.
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