BANKIA has axed more than 800 external directors from its board.
The move will save the troubled Spanish lender €7 million a year.
Politicians and trade unionists are among those to go, while directors who remain will be banned from earning additional salaries.
The changes have been implemented in response to the bank’s high-profile bailout last year.
It comes as Madrid considers a law preventing bank chiefs from heading charitable foundations that hold shares in the same bank.
The group has also revealed it is to sell the majority of its 14.9% stake in insurance company Mapfre as part of the restructuring plan it agreed with the EU following the bailout.
It is to offload 369.61 million shares to institutional investors, 12% of the total number of shares the insurer has in issue.
Based on the company´s share price at the end of trading on Wednesday the lender would make around €1bn from the sale.
Bankia has declined to comment on the sale.
It has already sold its 12.1% stake In the International Airlines Group for €675 million, and its 20% stake in Spanish IT firm Indra for €337 million.
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