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Exclusive: Spain to make it easier for firms to transfer legal base amid Catalan crisis
October 5, 2017 / 4:31 PM / 2 months ago

Exclusive: Spain to make it easier for firms to transfer legal base amid Catalan crisis

MADRID (Reuters) - The Spanish government will approve a decree on Friday making it easier for companies to transfer their legal base out of Catalonia, two sources said, a move that could deal a serious blow to the region’s finances as it considers declaring independence.

A man walks past Parliament of Catalonia building in Barcelona, Spain, October 5, 2017. REUTERS/Yves Herman

The new decree is tailor-made for Spanish lender Caixabank (CABK.MC), sources familiar with the matter said, as it would make it possible for the bank to change its legal and tax base without having to hold a shareholders’ meeting as stated in its statutes.

“The government is working on changing the law so that it’s no longer needed to have a shareholders’ meeting, which would delay a change of the legal base in a case of emergency,” one of the sources said.

The government and Caixabank declined to comment.

Reporting by Carlos Ruano, writing by Julien Toyer; Editing by Adrian Croft

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