La Caixa Returns to Barcelona: A Landmark Decision
After seven years of absence following the tumultuous 'procés,' La Caixa is moving its headquarters back to Barcelona, signaling a significant step towards the normalization of the political and economic landscape in Catalonia. This decision, mirroring a similar move by Banco Sabadell in January, is being viewed as a powerful message about the de-escalation of political tensions in the region following the 2017 independence crisis, according to a report by Josep Catà Figuls (El País, 2025). The move involves both Criteria Caixa, the investment holding company, and the Fundación La Caixa.
Reasons Behind the Return
According to «El País» (2025), the foundation stated in a press release that the decision is based on the fact that the circumstances that led to the temporary relocation of the headquarters to Palma in 2017 no longer exist. La Caixa had previously stated that it would remain in Palma «as long as the current situation in Catalonia persists.» Now, the group believes the situation has changed.
Impact and Implications
The return of La Caixa is seen as a crucial moment in the political and economic normalization process after the 'procés.' When La Caixa moved its headquarters on October 7, 2017, it acted as a catalyst for thousands of Catalan companies to move their headquarters out of Catalonia due to the perceived lack of legal certainty following the October 1 referendum and the subsequent unilateral declaration of independence. «This move sends a powerful message of confidence in the region's stability», analysts are suggesting.
The Broader Context
In recent years, the political climate has gradually improved, with pardons and amnesty granted to the leaders of the 'procés.' However, the turning point came last summer with the appointment of Socialist Salvador Illa as President of the Generalitat. This raised the question of when companies would return to Catalonia, now that the independence challenge seemed to have been overcome. Some companies had already taken the initiative, such as Aguas de Barcelona in 2018, Red Points in 2023, and Laboratorios Ordesa and Cementos Molins last year. Each of these companies decided to return for their own reasons, although the political backdrop played a role.
- Aguas de Barcelona (2018)
- Red Points (2023)
- Laboratorios Ordesa (2024)
- Cementos Molins (2024)
Government Response and Future Outlook
The Ministry of Economy, Trade, and Enterprise has welcomed the decision to return the headquarters of Criteria and Fundación La Caixa to Catalonia. According to «El País» (2025), the ministry described it as «very good news and a further sign of the positive impact of the normalization of the political and economic situation in Catalonia.»
The unanimous decision to take this step was made at an extraordinary meeting of the Board of Trustees of Fundación Bancaria La Caixa. The foundation, chaired by Isidro Fainé, is the sole shareholder of Criteria, which in turn is a major shareholder of Caixabank with 31.9%—the State, through the FROB, owns another 18%. Because of this, the return of Criteria and the Foundation is increasing pressure on Caixabank, which ruled out a return to Catalonia during its most recent presentation of results.
La Caixa's Historical Commitment
In its statement, the foundation recalls its history to justify its return. «The ‘La Caixa’ Foundation has a firm commitment to its roots, since it was founded as a Pension Fund for Old Age and Savings of Catalonia and the Balearic Islands in 1904 by Barcelona lawyer Francesc Moragas, with the support of various entities of Catalan civil society,» according to «El País» (2025). Despite the relocation, the entity emphasizes that its commitment to the Balearic Islands and the city of Palma remains unchanged, noting its continued social programs in that community and the value of CaixaForum Palma.
Economic Impact and Future Prospects
The return of La Caixa is expected to have a positive impact on the Catalan economy. According to «El País» (2025), the move could encourage other companies that left Catalonia during the 'procés' to reconsider their positions and return to the region. This would boost investment and create new job opportunities.
«The return of La Caixa is a clear signal that Catalonia is once again a safe and attractive place to do business,» said a spokesperson for the Catalan government.
In conclusion, La Caixa's return to Barcelona is a significant milestone in the ongoing process of political and economic normalization in Catalonia. It reflects a growing sense of stability and confidence in the region's future, and it is likely to have a positive impact on the Catalan economy.
