Banks lead companies moving out of Cataluña

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Streets full of banks are becoming more difficult to find in Spain as branch closures continue

The decision taken yesterday (Thursday) evening by the two main Cataluña-based banks, Caixabank and Sabadell, to move their fiscal addresses to the Balearics and Alicante respectively due to the likely inestability to be generated by an imminent declaration of independence  by the regional government ‘within days’ is seen by analysts as the begining of an exodus of large companies fearing they may be left outside of Spain and the EU.

Both banks saw their shares plummet on Wednesday, but rise considerably yesterday when rumours of the moves began. Textile giant Dogi has also moved from Cataluña to Madrid and insurance company Catalana Occidente is considering similar action.

Read more in this week’s print edition or go to e-paper

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