Catalan independence: Major banks and businesses move out of Barcelona

Ryanair says flying is too cheap amid TRAVEL CHAOS with more strikes planned. Image Ryanair Twitter.

A NUMBER of high profile companies have already announced that they will move their head offices out of Barcelona and others are considering their future.

It seems that the Sabadell Bank has made the decision to move in the event of independence to either Alicante or Madrid whilst it is strongly expected that CaixaBank will decide at an Extraordinary General Meeting to look to move to the Balearics.

Other companies who are definitely moving are telecommunications operator Eurona which has properties acquired following takeovers in Madrid whilst dental specialists Proclinic Expert have their eyes set on Zaragoza.

In addition and supposedly not due to the possibility of independence, Oryzon, a biotech company founded in Barcelona in 2000, confirmed through the Spanish  stock exchange that it will be moving its head office to Madrid.

Independence could prove to be a major problem for banks headquartered in Cataluña as in the event that the new Catalan State should fall into financial difficulty, it would be unlikely to underwrite the liabilities of banks based there, whilst those who have head offices in Spain would continue to receive protection.

Share prices fell with the announcement of the result of the referendum but for those who have either announced or indicated the likelihood of moving out of the region have seen some very significant gains.

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Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Share your story with us by emailing [email protected], by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

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