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Catalana Occidente moving to Madrid

Grupo Catalana Occidente SA's board agreed Oct. 10 to transfer its registered office to Madrid, becoming the latest financial institution to respond to the Catalan independence movement by moving away from the Spanish region.

The insurer said it made the decision "to protect the interests of its customers, employees, intermediaries and shareholders." The company decided to move on the same day that Catalan President Carles Puigdemont announced that the region had voted to secede from Spain, but will delay putting independence into effect while it seeks dialogue with the national government.

Catalana Occidente said the change of registered office does not imply the transfer of employees.

CaixaBank SA and Banco de Sabadell SA previously announced that they would move from Catalonia to the neighboring region of Valencia.