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CaixaBank to move headquarters to Valencia from Catalonia

CaixaBank SA is to move its headquarters to Valencia from Barcelona amid increasing political turmoil in the region of Catalonia, the bank said Oct. 6.

Previous reports had indicated that the lender could move to the Balearic Islands, possibly Palma de Mallorca. Fellow Catalonia-based lender Banco de Sabadell SA the previous day said it would move to Alicante.

Spain's government on Oct. 6 issued a decree that makes it easier for companies to move their headquarters, as an increasing number look to exit Catalonia amid escalating political tension following an Oct. 1 independence referendum.