economy and politics

Banco Sabadell makes official the return of its headquarters to Catalonia

Banco Sabadell makes official the return of its headquarters to Catalonia

He assures that “the circumstances that motivated his transfer to Alicante no longer exist”

BARCELONA, 22 ()

The Board of Directors of Banco Sabadell approved this Wednesday afternoon the return of its headquarters to Catalonia, specifically to number 20 Plaza de Sant Roc in Sabadell (Barcelona), reported in a statement sent to the National Market Commission. of Securities (CNMV).

In this way, the entity returns to Catalonia after moving its registered office to Alicante on October 5, 2017, in the middle of the Catalan independence process.

This movement occurs in a context marked by the Public Acquisition Offer (OPA) that BBVA wants to launch on Banco Sabadell.

The bank explained in a statement that “the circumstances that motivated its move to Alicante no longer exist” and has stressed that the change will not have any consequences for the entity’s clients or professionals, who will maintain their current locations.

“On the part of the shareholders, the only fact of significance will be the transfer of the Shareholders’ Meeting, which this year will be held in the city of Sabadell,” he added.

On the other hand, the entity has reinforced its commitment “to continue contributing to the economic and social development of Alicante and the entire Valencian Community.”

In this sense, the Alicante Technological Competence Center will remain in the city and the entity will move the annual meeting of Advisory Councils and the Marine Sustainability Award of the Banco Sabadell Foundation to Alicante.

TRANSFER IN FULL OPA

The entity’s decision comes in the midst of the takeover bid launched by BBVA and is in phase 2 of the analysis by the National Markets and Competition Commission (CNMC) to decide if it can be carried out, and that it could be resolved by the middle of this year.

The Competition decision to take the operation to phase 2 was based on a “potential impact” on the maintenance of effective competition in the financial sector, especially in the area of ​​banking and payment services.

According to the regulator, they are markets in which both banks operate simultaneously, as well as in the insurance production and distribution market, in the pension funds and plans market, and in the asset management market.

Last Monday, the premium in the price that BBVA wants to pay for Banco Sabadell in the takeover bid entered negative territory, which could imply that either the market is discounting an improvement in the offer by BBVA or that it would be discounting better prospects for Sabadell than for BBVA.

Specifically, on Monday it stood at -0.19%, since the price of Sabadell was 2.139 euros per share and that of BBVA, 10.425 euros, while on Tuesday the shares closed at 2.14 and 10.44 euros, respectively.

However, this Wednesday the premium has returned to a slightly positive position, at 0.09%, after the 0.84% ​​drop suffered by Sabadell on the Stock Market, reaching a price of 2.119 euros, and by BBVA, 0.81%, until it was exchanged at 10.36 euros.

It is worth remembering that the price currently offered by BBVA is an exchange of shares of a new BBVA title for 5,019 Sabadell titles plus a cash payment of 0.29 euros per share.

On a political level, the change of headquarters coincides in time with the presidency of the Generalitat of the socialist Salvador Illa, which he acceded to last summer of 2024, and within the framework of the Government’s negotiations with the Catalan independentists.

REACTIONS

Questioned about the takeover bid launched by BBVA for Banco Sabadell, the President of the Spanish Government, Pedro Sánchez, pointed out that different aspects must be considered in the operation, such as the large number of SMEs that Spain has, which represent almost 90%. of the Spanish productive fabric, as well as social and territorial cohesion with regard to the financial sphere.

For this reason, he has advocated waiting for the National Markets and Competition Commission (CNMC) to rule on this operation, in addition to underlining the strength of the Spanish financial system.

“We have a solid financial system in Spain and let’s wait until our competition authorities rule on this operation,” he said.

The Minister of Economy, Commerce and Business, Carlos Body, has considered that the return “makes a lot of sense” due to the “normalization” process that has occurred in Catalonia after the ‘procés’ and that the circumstances that gave rise precisely to it have disappeared. Coming out in 2017.

Both Corps and the Minister for Digital Transformation and Public Function, Óscar López, have shown the Government’s “maximum respect” for the decision.

For his part, the president of the Generalitat, Salvador Illa, has assured that the announcement is “good news” and has expressed his joy.

“If you allow us, I say this with all modesty and respect, it confirms that we are on the right path,” added Illa, who said that this good path is, literally, that of good Government, that of institutional stability and of legal security.

The main Catalan social and economic agents have celebrated the decision and have agreed that it is a return to normality.

VALENCIA

The Consell de la Generalitat Valenciana has pointed out that “it can only respect the decision of the company in the exercise of its freedom to establish its headquarters wherever it considers.”

Executive sources have stressed that their priority is to “guarantee the maintenance of employment and business” of Banco Sabadell in the territory.

In this same sense, the resident of the Institute of Economic Studies of the Province of Alicante (Ineca), Nacho Amirola, has expressed himself, asking that the entity “continue betting” on this territory.

DEPARTURE FROM CATALONIA

Banco Sabadell decided to locate its headquarters in Alicante – where the Caja de Ahorros del Mediterráneo (CAM) had its headquarters, awarded to Banco Sabadell for the symbolic price of one euro at the end of 2011 – on October 5, 2017.

It was days after the independence referendum of October 1 and before the former president of the Generalitat, Carles Puigdemont, declared the independence of Catalonia in the Parliament and immediately suspended it to make way for a period of negotiation.

As bank sources explained at the time, the change was to protect customers and guarantee the legal security provided by the regulatory framework of the European Central Bank (ECB).

In any case, Banco Sabadell’s central services continued to be located in Catalonia, since the change of registered office constitutes a practically symbolic action, as occurs in other entities such as Banco Santander, Bankia or BBVA, whose headquarters are located in Santander, Valencia. and Bilbao, respectively, despite the fact that their headquarters are in Madrid.

RETURN OF COMPANIES

Banco Sabadell is the first company listed on the Ibex35 that moved its headquarters in 2017 to make the decision to return it to Catalonia.

Asked by Europa Press this Wednesday, large companies that also left Catalonia in 2017 such as CaixaBank, Criteria, Cellnex, Naturgy or Planeta have declined to comment on a possible return.

On December 3, the Molins cement company also approved returning its headquarters to Catalonia, after locating it in Madrid in 2017.

Other companies that have decided to return their registered office to Catalonia have been Sociedad General de Aguas de Barcelona (SGAB), in September 2018; Red Points, in June 2023, and Laboratorios Ordesa, in October 2023.

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