Spain's council of ministers passed a law making it easier for companies to shift their legal headquarters out of Catalonia, economy minister Luis de Guindos said.

The document suggests a simplified procedure for changing the legal address, and this can now be done by the board of directors without convening a meeting of shareholders.

Sabadell, one of Spain's largest banks, has already decided to change the legal address from Catalonia to Alicante.

Another large bank CaixaBank is set to hold a meeting of shareholders on Friday, BBC reported.