This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-41528281

The article has changed 7 times. There is an RSS feed of changes available.

Version 2 Version 3
Spain eases firms' exit from Catalonia Spain eases firms' exit from Catalonia
(35 minutes later)
Spain is changing its rules to make it easier for companies to shift their legal headquarters out of Catalonia. The Spanish cabinet has issued a decree making it easier for companies to relocate their legal headquarters away from Catalonia.
Spain's economy minister Luis de Guindos said laws to help firms redomicile had been discussed with the Socialist Party and Ciudadanos. Such a decision will now not need the prior approval of shareholders.
Businesses are uneasy amid heightened political tensions in the region over whether it should separate from Spain. One of the region's biggest lenders, Caixabank, is considering the change in the light of the political crisis there.
Barcelona-based bank Sabadell said on Thursday it would move its legal base from Catalonia. Another major Catalan bank - Sabadell - decided on Thursday to shift its legal domicile elsewhere in Spain.
Its headquarters and employees will remain in Barcelona. The economy ministry said the decree was in response to demand from companies "in the face of difficulties that have arisen for the normal running of their activities in part of the national territory".
The move, by the economy ministry, could hit Catalonia's finances as it considers declaring independence, possibly as soon as Monday. The International Monetary Fund's (IMF) country head in Spain, Andrea Schaechter, has said tensions in Catalonia could affect confidence and investment decisions.
The board of CaixaBank is meeting today to consider a similar move, Reuters reported. However, the IMF has kept its growth forecast for Spain this year unchanged at 3.1%.
Caixa is Spain's third-largest bank and accounts for about half of Catalonia's banking sector. EU coverage
Sabadell said: "Banco Sabadell has adopted this decision in order to protect the interests of our customers, shareholders and employees." The board of Caixabank - which is Spain's third-largest bank and accounts for about half of Catalonia's banking sector - is due to meet later.
It went on to say it it wanted to operate "under the supervision of the European Central Bank and the regulations of the European Banking Authority", something that would be removed were Catalonia to declare independence. Earlier, Sabadell - which is the second-biggest bank in Catalonia and the fifth largest in Spain - said it had decided to move its legal base "in order to protect the interests of our customers, shareholders and employees".
It said it wanted to operate "under the supervision of the European Central Bank and the regulations of the European Banking Authority", something that would be removed were Catalonia to declare independence.
The European Union has said it will not recognise an independent Catalonia, which would mean the region would not be subject to EU rules nor protection.The European Union has said it will not recognise an independent Catalonia, which would mean the region would not be subject to EU rules nor protection.
Shares in Sabadell, the second-biggest bank in Catalonia and the fifth largest in Spain, have fallen 10% this week as the political crisis between Catalonia and Madrid deepened. Italian asset manager Banca Mediolanum followed Sabadell's move, saying it would shift the legal base of its Spanish unit to Valencia from Barcelona.
Sabadell bought TSB, the bank formerly owned by Lloyds, for £1.7bn in 2015.
The decree would allow CaixaBank to transfer its legal and tax base without needing to hold a shareholders' meeting as stated in its statutes.
Caixa declined to comment.
Catalonia accounts for a fifth of Spain's economy, with factories for companies including Volkswagen and Nestle based there, as well as containing Europe's fastest-growing sea port of Barcelona.Catalonia accounts for a fifth of Spain's economy, with factories for companies including Volkswagen and Nestle based there, as well as containing Europe's fastest-growing sea port of Barcelona.
Volkswagen briefly stopped production on one line at its Seat plant in Catalonia when protests disrupted parts supply. Stoppages also affected production at Nestle's instant coffee plant in Girona. Volkswagen briefly stopped production on one line at its Seat plant in Catalonia when protests disrupted the supply of parts. Stoppages also affected production at Nestle's instant coffee plant in Girona.
The Catalan business lobby Cercle d'Economia said it was extremely concerned by the prospect of Catalonia declaring independence and called for leaders from both sides to hold talks. The Catalan business lobby Cercle d'Economia has said it is extremely concerned by the prospect of Catalonia declaring independence and has called for leaders from both sides to hold talks.
Dutch paint maker Akzo Nobel, which has several plants in Catalonia, said it was monitoring developments.Dutch paint maker Akzo Nobel, which has several plants in Catalonia, said it was monitoring developments.
Spain's constitutional court has suspended next Monday's session of the Catalan parliament, in a bid to pre-empt a possible push for independence.Spain's constitutional court has suspended next Monday's session of the Catalan parliament, in a bid to pre-empt a possible push for independence.