spainrico

All my banking interests are with Sabadell. I am concerned that if the Catalan Independence vote goes ahead and is a 'Yes' where does that leave the Sabadell bank and more importantly access to my money.

Are other Sabadell account holders concerned?

marcbernard

Yes, to some extent. However many banks operate across borders without problems. It will probably depend (should the split occur) on the attitude of the EU. My own view is that nothing will happen.

Moses2013

Why shouldn't you have access to your account? You can live in England and have a Jersey bank account, or live in France and have a bank account in England.

Johnboyuk

I would not be concerned. Sabadell are an international organization. They even own the TSB in the UK and commercial banks in the USA, France and Andorra, among others. Their business strategy is one of international expansion and not to be restricted to a single area of Spain.

spainrico

Yes, I understand banks operate cross border but be realistic if this happens it is all going to be very acrimonious and Catalunya won't be in the EU.

Moses2013

I doubt it will happen and Jersey, Guernsey etc. are not in the EU but people from England and other EU countries have bank accounts there. If you are worried, just move to a different bank?

Loafing Along

Sabadell is quite small compared to La Caixa which is Spain's third biggest bank and I see no reason to worry. There are so many examples of banks operating in a international / cross-border context today your question is comparable to asking as if I should as an EU resident with a Euro -denominated life pull out of my UK bank because of Brexit.

Johnboyuk

I think the main concern is that would an independent Catalan Government, not in the EU, have enough money to honour any deposit protection scheme in the event of a collapse. Jersey, Guernsey and the Isle of Man almost certainly would not.

spainrico

Yes those were the sort of issues I was trying to explore.

spainrico

Well I think I was right to be concerned! Sabadell have acted! THis from La Vanguardia

The board of directors of Banc Sabadell will meet Thursday at five in the afternoon to approve the change of its headquarters to Alicante, according to sources consulted by La Vanguardia. The entity will anticipate what may happen and will not wait until Monday, when the president of the Generalitat, Carles Puigdemont, will evaluate the results and the way forward after 1-O.

The fall of 12.7% in the last days and the distrust of customers with deposits has precipitated the activation of the contingency plans. Sabadell has chosen Alicante because of the different venues of the group in all of Spain, that of the Valencian city is the most optimal with important services such as data services. In Alicante was located the headquarters of the old CAM (Savings Bank of the Mediterranean) that was acquired by Sabadell at auction.

El Banc Sabadell aprueba esta tarde su cambio de sede a Alicante

PS I hear many people are taking money out of La Caixa also....

snikpoh

Isn't it the same problem with La Caixa? A Spanish friend of mine said they were based in Catalonia.

spainrico

Yes, the word is they are setting up in the Baleares.

hovisbap

Sabadell board held an emergency meeting to discuss moving their head office out of Catalunya in order to remain in the EU banking reg's.

spainrico

Yes they did. But I would suspect they have been making contingency plans for a while and as their share price was plummeting this week they have acted

Loafing Along

Yes, they are Catalan and the third largest bank in Spain - approx 25% of their business in Catalunia , the other 75% spread across Spain.