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Report: CaixaBank to use law change to switch HQ

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Report: CaixaBank to use law change to switch HQ

CaixaBank SA will take advantage of an emergency revision of the law expected to be made by Spain's government Oct. 6 to move its headquarters out of Catalonia, which is facing political strife following an independence referendum, El País reported.

The bank's board will meet the same day to discuss the relocation, possibly to Palma de Mallorca in the Balearic Islands, although some board members favor Madrid, the report said. The change in the law will allow CaixaBank to move headquarters without having to call a shareholders' meeting, it added.

Another Catalan bank, Banco de Sabadell SA, decided Oct. 5 to move from Catalonia to Alicante, as political tensions rose and the bank's shares were hit. on concerns that it would lose its access to ECB liquidity should a split with Spain leave Catalonia outside the EU and therefore the eurozone.

The referendum, which had been declared illegal by Spain's constitutional court, was marred by violence as police confiscated ballot papers and hundreds of people were injured. Tensions have risen in the past days, and pro-independence parties have requested a vote on independence in the regional government's parliament Oct. 9.