Bami has taken four seats on the board of Metrovacesa, including those of chairman and managing director, following its acquisition of a 23% stake in the Spanish property developer. Joaquin Rivero and Manuel Gonzalez, the chairman and vice-chairman of Bami, will replace Jose Antonio Saenz-Azcunaga and Fernando Vara as chairman and MD respectively.
Bami acquired the 23.9% stake from Spanish bank BBVA in June for ¬545.6m. BBVA controlled nine seats on an 18-strong board, giving it 50% of the votes, whereas Bami’s four seats on a board of 13 gives it 30% of the votes. The other board members include three from shareholders PGGM and ADIA, and six independent members.
Bami plans to merge the two companies, but will require the approval of a general shareholders meeting.
