Friday 20 July 2018

CaixaBank is the latest business to move its base out of Catalonia

CaixaBank Newsdesk Newsdesk

Spanish bank CaixaBank has said it will move its base from Barcelona to Valencia amid political uncertainty.

The bank has moved its corporate address out of Barcelona in order to maintain liquidity in case of a Catalan succession.

CaixaBank is Spain's third lender in global assetts.

In a statement, the bank said the reason for the move was to "completely safeguard the legal and regulatory framework substantial for its activity" and to remain in the eurozone.

By remaining in Spain it would remain under the supervision for the European Central Bank.

Meanwhile, the Catalan government has submitted to the regional parliament the final results of a disputed referendum on secession from Spain, a necessary step before declaring independence as separatist politicians have promised.

Spain's central authorities have deemed the referendum illegal and a constitutional court suspended it.

But a vote went ahead on October 1 anyway, despite a lack of census controls and violence by Spanish police who were trying to halt the vote.

The final numbers confirm earlier results showing 90 percent of votes in favour of independence.

The regional government said 2.28 million Catalans voted, 43 percent of eligible voters.

The No side received some 8 percent of the votes.

Separatist Catalan president Carles Puigdemont will address the regional government on Tuesday to "report on the current political situation".

It was unclear if he or other separatist politicians would use the meeting to introduce a vote on declaring secession.

Press Association

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