Delete
Signs at the Banco Sabadell headquarters in Alicante, located on Óscar Esplá. Miriam Gil Albert
The Negative Effects of Sabadell's Departure from Alicante: Loss of GDP and Reputational Impact

The Negative Effects of Sabadell's Departure from Alicante: Loss of GDP and Reputational Impact

The Alicante College of Economists does not mince words: "It's bad news"

José Vicente Pérez Pardo

Alicante

Jueves, 23 de enero 2025, 07:20

The Alicante College of Economists does not mince words regarding the relocation of Banco Sabadell's headquarters to Catalonia: "It's bad news for Alicante," stated its president, Francisco Menargues. The presence of one of the country's most important banks serves as "a magnet for investors and job creation, especially for large corporations," he claims, indicating that its departure could have significant consequences.

Firstly, Alicante's Gross Domestic Product (GDP) will decline because Sabadell's business contributed to the province's wealth, warns the College of Economists. Secondly, the "reputational impact" of losing one of the country's most "powerful" financial entities could reduce the area's attractiveness to investors and large companies. Therefore, "its brand image."

"What we need to wait and see is that it doesn't affect employment (Sabadell has 1,440 workers in the province) and the branches (209)," Menargues points out. He also highlights the maintenance of the Technological Competence Centre of Sabadell in Aguamarga, facilities that will remain, according to the president of the Chamber of Commerce, Carlos Baño, after a conversation with the entity's president, Josep Oliu. "In that sense, it gives us peace of mind," he affirmed.

"If that's the case and the facilities are not dismantled, the impact on the province, beyond the reputational issue, would not be significant," the economists somewhat reassure. Now, "we must fight for Alicante to be an important hub for the bank's decision-making," emphasizes Francisco Menargues.

"The people of Alicante have identified with the entity," concludes Menargues, "they have been comfortable with the entity and the entity with them."

Publicidad

Publicidad

Publicidad

Publicidad

Esta funcionalidad es exclusiva para registrados.

Reporta un error en esta noticia

* Campos obligatorios

todoalicante The Negative Effects of Sabadell's Departure from Alicante: Loss of GDP and Reputational Impact