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4-Traders Homepage  >  Equities  >  Bolsa de Madrid  >  CaixaBank    CABK   ES0140609019

CAIXABANK (CABK)
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CaixaBank to Move Headquarters out of Catalonia

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10/06/2017 | 07:15pm CET
   By Pietro Lombardi 
 

CaixaBank SA (>> CaixaBank) said on Friday it will move its legal headquarters out of Catalonia, the second big bank to make such a decision this week as the region pushes for independence.

The board of the bank decided to move the headquarters to Valencia "in light of the current political and social situation in Catalonia."

The decision comes amid political turmoil, with Catalonia seeking a break from Spain. The tensions have pressured Spanish share prices in recent days.

The move comes a day after another big bank, Banco Sabadell (>> Banco de Sabadell), took a similar step, transferring its headquarters from the Catalan capital of Barcelona to Alicante. Sabadell shares closed 6.2% higher Thursday.

"Banco Sabadell has adopted this decision in order to protect the interests of our customers, shareholders and employees," the lender said in a regulatory filing.

A number of other companies based in the wealthy northeastern region, including utility company Gas Natural SDG (>> Gas Natural Fenosa) have said this week that they would either relocate or consider it, suggesting the separatist drive could have economic consequences.

CaixaBank said that the board will meet again after a decree approved by the Spanish government on Friday, which makes it easier for companies to move their legal base out of the restive region to within the country's national territory, becomes effective. The decree, which will come into effect on Oct. 8, is a response to petitions from a number of business groups, the minister said, adding that the Catalan government is causing "alarm and uncertainty" in the corporate sector with its policies.

Spain's economy minister Luis de Guindos said that, under the new rule, companies will only need to seek shareholder approval to move their base when it is specifically stipulated in their corporate statutes. Otherwise, the board decides alone.

"It is very sad that we are seeing very important companies leaving Catalonia. However, this is not the companies's fault, this is the fault of irresponsible policies that generate concern," Mr. de Guindos said.

Write to Pietro Lombardi at [email protected]

Stocks mentioned in the article : CaixaBank, Banco de Sabadell, Gas Natural Fenosa
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Financials (€)
Sales 2017 8 299 M
EBIT 2017 3 732 M
Net income 2017 1 833 M
Debt 2017 -
Yield 2017 3,71%
P/E ratio 2017 13,37
P/E ratio 2018 11,07
Capi. / Sales 2017 2,89x
Capi. / Sales 2018 2,84x
Capitalization 23 974 M
Chart CAIXABANK
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CaixaBank Technical Analysis Chart | CABK | ES0140609019 | 4-Traders
Technical analysis trends CAIXABANK
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 28
Average target price 4,32 €
Spread / Average Target 7,7%
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Managers
NameTitle
Gonzalo Gortázar Rotaeche Chief Executive Officer & Executive Director
Jordi Gual Chairman
Javier Pano Riera Head-Finance
Juan Rosell Lastortras Independent Director
Francesc Xavier Vives Torrents Independent Director
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