The board of Banco Sabadell, based in Madrid, will meet on Wednesday to discuss relocating its headquarters back to Catalonia. The move is attributed to the bank's significance to the regional economy, thus supporting its stance against a hostile takeover bid from competitor BBVA.
Sabadell had shifted its headquarters to Alicante during the uncertainty of Catalonia's independence attempt in 2017, primarily to ensure European Central Bank oversight compliance and customer protection under the deposit insurance scheme.
In a market statement, Sabadell announced an extraordinary board meeting to consider the potential relocation, with sources indicating a proposal to return to Sabadell in Catalonia.
The motive for the move was not disclosed, but Sabadell's regional economic impact has been emphasized in response to BBVA's takeover bid that is still pending approval due to antitrust concerns until possibly 2025.
Market analysts perceived the decision as strategic maneuvering for political backing, reflecting a chess game scenario. The share value of Sabadell remained relatively stable amid the ongoing developments.
The potential return of Sabadell to Catalonia signals a significant corporate relocation post the 2017 independence bid, reflecting improved market conditions and easing tensions in the region.
Economy Minister Carlos Cuerpo highlighted the normalization in Catalonia as a reason for Sabadell's prospective move back and indicated the decision was independent of BBVA's bid.
The change in the political landscape, with the Socialist Party leader becoming head of the Catalan government, has prompted pro-separatist parties like Junts to advocate for the return of Catalan companies, similar to Caixabank's relocation post-2017.