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Reports: Sabadell to leave Catalonia; CaixaBank studies move

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Reports: Sabadell to leave Catalonia; CaixaBank studies move

Banco de Sabadell SA's board is meeting Oct. 5 to approve the relocation of its headquarters outside Catalonia, while the region's other big lender, CaixaBank SA, is considering a similar move, according to local news reports.

Sabadell, based in the Catalan city of the same name, will probably move to Alicante, with Madrid another option, La Vanguardia reported, citing sources. It does not want to take the risk of finding itself outside the eurozone should Catalonia gain independence from Spain, according to the report.

Sabadell was not immediately available for comment when contacted by S&P Global Market Intelligence.

Meanwhile the board of CaixaBank SA, the largest Catalan lender, is also meeting Oct. 5 to discuss the possibility of moving its headquarters, possibly to the Balearic Islands, El Mundo reported, citing sources.

The Catalan government said 90% of voters had opted for secession in an Oct. 1 referendum that saw the participation of 42% of the eligible population. The vote had been declared illegal by Spain's constitutional court.

Pro-independence parties have requested a vote on independence in the regional government's parliament on Oct. 9.

Sabadell's shares were up 3.2% as of 11:58 a.m. Madrid time. CaixaBank's were up 1%.