Catalan bank shares fall after regional parliament declares independence

October 27, 2017 22:01

Shares in Catalan banks closed down today, dragging the entire stock market with them, after Catalonia's regional parliament declared independence.

CaixaBank, Spain's third largest lender, ended down 2.74 per cent at 3.84 euros while Sabadell, the country's fifth biggest bank which earns a bigger share of its profits in Catalonia, closed down 4.85 per cent at 1.59 euros.

Shares in the two banks have fallen since Catalonia's separatist government went ahead with an independence referendum in the wealthy northeastern region on October 1, despite it having been deemed illegal by Madrid and the courts.

Some clients withdrew their deposits from the banks, prompting the two lenders to move their legal headquarters out of Catalonia to other parts of Spain.

-- PTI

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