Major banks are leaving Catalonia

One of the largest Catalan banks Sabadell took the decision to move the headquarters from aspiring to independence from Spain in the region — in the Spanish city of Alicante. About the same time the credit Institute said on Thursday evening, October 5, after an emergency meeting of its Executive Board.

The leadership of his rival Caixabank plans to hold a meeting on the same subject the next day, October 6, reports Reuters. Citing informed sources, the Agency indicates that, focusing on the situation of Caixabank, the authorities in Madrid are going to issue a decree that will facilitate the withdrawal of companies from Catalonia. This document will allow the Bank to change its legal address, without calling a meeting of shareholders.

Moving credit institutions can be hit hard by the financial industry of Catalonia.

Because of the conflict around of the Catalonia independence referendum credit agencies lower the ratings of the region. The evening of 5 October, Fitch announced that it intends to downgrade the credit rating of Catalonia due to “unpredictable events” and possible violation of financial flows in the Autonomous community. A day earlier, the possibility of a downgrade of Catalunya in the next three months indicated and other rating Agency — Standard & Poor’s. It has put the ratings of Catalonia “B+/B” revision (credit watch) with a “negative Outlook”.