Catalan Business Plays it Safe

Mario Blascak, PhD Independent Analyst

Some of the biggest banks and corporations in Catalonia said that within current political uncertainty surrounding possible declaration of independence of the region they are moving their legal addresses outside of Catalonia.

It looks like even the most traditional Catalan businesses are playing it safe and want to retain their business operations within legal EU framework rather than be exposed to possible turmoil in the aftermath of the independence.

With Spanish prime minister Mariano Rajoy giving Catalan prime minister Carles Puigdemont the ultimatum for his independence call until October 16, business community is adding pressure on Catalan officials to withdraw their separatist intentions.

This is the list of publicly listed companies that have already announced the change:

Caixa bank (market cap of 24.8 billion euro) is moving to Valencia
Gas Natural (market cap of 23.9 billion euro) is moving to Madrid
Abertis (market cap of 4.75 billion euro) is moving to Madrid
Banco Sabadell (market cap of 5.2 billion euro) is moving to Alicante
Cellnext (market cap of 670.4 million euro) is moving to Madrid
Inmobilliaria Colonial (market cap of 835.2 million euro) is moving to Madrid

Alternative companies include:

Lleida Net (online communication) moving to Madrid
Eurona (telecom) moving to Rivas Vaciamadrid
Agua de Barcelona (Suez Environment) is moving to Madrid
Torraspapel (paper maker) is moving to Madrid

Banks:

Criteria Caixa moves to Madrid
Banco Mediolanum moves to Valencia
Arquia Banca moves to Madrid
GVC Gaeso Beka moves to Madrid
Trea Asset Management moves to Madrid
SegurCaixa Adelas (insurance company) moves to Madrid
MGS Seguros (insurance company) moves to Zaragoza

Health services:

Oryzon moves to Madrid
Naturhouse moves to Madrid
Proclinic moves to Zaragoza
DVD Dental moves to Madrid
Klockner moves to Madrid
Delivery MRW moves to Valencia
Service Point moves to Madrid
Fuel company Ballenoil moves to Alcobendas, Madrid
Textile company Dogi moves to Madrid

Author

Mario Blascak, PhD

Independent Analyst

Dr. Mário Bla&scaron;čák worked in professional finance and banking for 15 years before moving to journalism. While working for Austrian and German banks, he specialized in covering markets and macroeconomics.

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