Catalonia’s Biggest Bank Warns on Economy as Next Showdown Looms

Catalonia’s biggest bank warned a prolonged political conflict in the rebel region would inflict more wounds on the economy as separatists and the Spanish government prepared for their next showdown.

CaixaBank SA Chief Executive Officer Gonzalo Gortazar said deposit withdrawals had been "moderate" since Catalonia’s unofficial referendum on independence on Oct. 1 triggered Spain’s biggest political drama for almost four decades. The lender, whose profit almost doubled in the third quarter, has led an exodus of Catalan firms that have set up their legal bases outside the region to avoid the upheaval that would come from a split with Spain.