LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » World News

EXCLUSIVE: Banco Sabadell mulls moving top management from Catalonia - source

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Oct 18, 2017
11:52 am
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Banco Sabadell is considering moving some of its top management from Catalonia to Madrid, a source close to the board said on Tuesday, in a first sign that a short-term business exodus from the restive region may become more permanent.

Like hundreds of other Catalan businesses, Sabadell, Spain`s fifth-biggest bank, transferred its registered offices out of Catalonia earlier this month to seek legal certainty as the region`s leaders press ahead with a secession campaign.

An eventual break from Spain would leave Catalonia, which accounts for one-fifth of the country`s economic output, outside the European Union and the consumer protections it offers -- a source of concern for many depositors and companies.

The source said that if Catalan president Carles Puigdemont did not drop its independence plans by Thursday, as requested by Spain`s central government, the bank`s board would consider at its next meeting on Oct. 26 moving the office of Chairman Josep Oliu and the heads of several business units to Madrid.

"No decision has yet been made, but it will depend on the next steps that could be taken by Puigdemont," the source said.

Banco Sabadell declined to comment.

The board meeting will for the first time take place in Alicante, 500 kilometres away from Sabadell, the town near the Catalan capital Barcelona where the bank was founded in 1881.

Sabadell`s quarterly results presentation will take place in Madrid the next day.

While the number of people likely to move from Catalonia to the Spanish capital would be only a tiny portion of Sabadell`s 26,000 employees, such a decision would be a new blow for the Catalan government, which has said the business exodus was purely temporary and would soon be reverted.

Catalan powerhouse Caixabank , Spain`s third-biggest lender, which also moved its registered offices out of the region, is not planning to follow Sabadell for now, though a source at the bank said it was monitoring events closely.

Caixabank holds its next board meeting on Oct. 23 in Valencia, where it will also present third-quarter earnings the following day.

Caixabank, Sabadell and BBVA are the most exposed to Catalonia among Spanish lenders, with around one-third of their total deposits coming from the region, and their shares have underperformed their Spanish and European peers.

Last week, Spanish banks stocked up on European Central Bank money at a weekly auction, on concern about possible turmoil in the funding market if Catalonia does break away from Spain.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

7th Pay Commission latest update: BIG RELIEF for central government employees! Check out these relaxations on LTC allowance by Modi government

Gold hits more than one-week low on doubts over stimulus bill, firm dollar

Google to stop using Apple tool to track iPhone users, avoiding new pop-up warning

India smartphone market falls 2 pc to nearly 145 mn units in 2020: Canalys

Yes Bank Share price: After Q3 result, asset Quality back in focus, Elara Capital recommends Sell with a target price of Rs 6

Messi leads Barca to Copa comeback win over Rayo

PUBG Mobile India future in Dark now? Check details here

Stock Market Tips With Anil Singhvi: Vikas Sethi recommends Coforge shares ahead of results

Jayalalithaa memorial inaugurated in Tamil Nadu by CM

Stocks in Focus on January 28: Stove Kraft IPO, Axis Bank, HUL, United Spirits to Hero MotoCorp; here are the 5 Newsmakers of the Day

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved