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Finance

Sabadell to hold board meeting to move headquarters back to Catalonia, sources say

Published by Global Banking and Finance Review

Posted on January 21, 2025

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MADRID (Reuters) - Spain's Banco Sabadell is planning to hold an extraordinary board meeting shortly to move the headquarters back to Catalonia, two sources with knowledge of the matter said on Tuesday evening.

"The board meeting could be held as soon as Wednesday," one of the sources said.

The news was first reported by Spanish newspaper ABC.

One of the sources also said that the meeting could take place on Thursday.

Sabadell moved its headquarters to Alicante in the wake of Catalonia's failed independence bid in October of 2017.

Last year, Salvador Illa, of Prime Minister Pedro Sanchez's Socialist Party, became head of the Catalan government ending more than a decade of separatist rule.

Sabadell is currently the target of a hostile takeover bid by larger rival BBVA.

(Reporting by Jesús Aguado; editing by Aislinn Laing and Andrei Khalip)