Baldomero Falcones Acquires 5% Stake In Renta Corporación

23 December 2015 – Efe

According to a statement made by Renta Corporación, the businessman Baldomero Falcones has acquired a 5% stake in the company. Until now that stake was owned by Sareb, the entity also known as the “bad bank”.

The CEO of Renta Corporación, David Vila, has indicated that the incorporation of Baldomero Falcones will allow the company to face the future challenges set out in its strategic plan “with a significantly reinforced capital structure”.

Falcones used to be the President of the construction company FCC, until January 2013. In addition, he has also served as the President of MasterCard Internacional and the Director General of Banco Santander, as well as a member of the board of that entity for 15 years.

Falcones has also chaired Banco Urquijo Limited in the United Kingdom; Hispano Americano Sociedade do Inestimento in Portugal; Banco Hispano Americano Benelux, Banco Urquijo Chile, Fiat Finance and Santander Seguros.

He is the founder of the private equity firm Magnum Industrial Partners and a member of the Board of Directors of Unión Fenosa, CESCE, Generali España, Seguros La Estrella, Europay International and Banif.

He served as the President and CEO of FCC for five years and received compensation amounting to €7.5 million when he left the construction group, due to the early termination of his contract.

Renta Corporación has prepared a strategic plan for the period 2016-2020, whose objectives include doubling its annual net profit to €20 million, amongst others.

Original story: Efe

Translation: Carmel Drake