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"In the referendum on whether the United Kingdom would remain in or leave the European Union (EU), the majority of British voters have decided to leave the Union. The United Kingdom's exit from the EU will officially start when the British Government informs the European Council that it wishes to withdraw. This will open up a period of negotiations between the EU and the United Kingdom designed to establish a new framework of political and economic relationships.
Clearly this new scenario could lead to a period of short term uncertainty. It is realistic to expect that this will result in a satisfactory new framework for the relationship between the EU and the United Kingdom, because all parties will look to safeguard free trade and the free movement of capital. This should lead to a positive medium and long term economic environment.
The United Kingdom, as well as the rest of European countries, believe that free trade contributes to the welfare of their citizens and we expect this belief to be at the core of both parties approach to negotiating the new framework.
The result of the referendum does not change the strategy of Banco Sabadell in the United Kingdom. The realisation of TBS's full commercial strength, the bases of its value creation, are in its focus on retail customers and success of the technological migration. These factors are independent of the status of the United Kingdom within the European Union".
Josep Oliu, Chairman, Banco Sabadell.
