Itaú Corpbanca Files Material Event Notice Announcing that Itaú Unibanco increases by 1.08% its stake in the Bank

Rhea-AI Summary

Itaú Corpbanca (NYSE: ITCB) announced a Material Event Notice indicating that its controlling shareholder, Itaú Unibanco, acquired 1.08% of its share capital from the Saieh Family. This transaction reflects Itaú Unibanco's increased stake, further solidifying its control over Itaú Corpbanca, which is Chile's fifth largest private bank. As of July 31, 2020, Itaú Corpbanca held a 9.9% market share in Chile's customer loan portfolio, while Itaú Corpbanca Colombia ranked eighth in Colombia with a 4.1% market share.

Positive

• Itaú Unibanco increased its stake in Itaú Corpbanca by acquiring 1.08% from the Saieh Family.
• Itaú Corpbanca is the fifth largest private bank in Chile, indicating strong market presence.
• As of July 31, 2020, Itaú Corpbanca reported a 9.9% market share in Chile's customer loan portfolio.

Negative

• None.

SANTIAGO, Chile, Sept. 11, 2020 (GLOBE NEWSWIRE) -- ITAÚ CORPBANCA (NYSE: ITCB; SSE: ITAUCORP) today announced that it filed a Material Event Notice with the Chilean Commission for the Financial Market reporting that Itaú Unibanco, its controlling shareholder, indirectly acquired 1.08% of the share capital of Itaú Corpbanca from the Saieh Family. The entire Material Event Notice is available on the company’s investor relations website at ir.itau.cl.

About Itaú Corpbanca

ITAÚ CORPBANCA (NYSE: ITCB; SSE: ITAUCORP) is the entity resulting from the merger of Banco Itaú Chile with and into Corpbanca on April 1, 2016. The current ownership structure is: 39.22% owned by Itaú Unibanco, 27.49% owned by the Saieh Family and 33.29% owned by minority shareholders. Itaú Unibanco is the sole controlling shareholder of the merged bank. Within this context and without limiting the above, Itaú Unibanco and CorpGroup have signed a shareholders’ agreement relating to corporate governance, dividend policy (based on performance and capital metrics), transfer of shares, liquidity and other matters.

The bank is the fifth largest private bank in Chile and as per its mandate is the banking platform for future expansion in Latin America, specifically in Chile, Colombia and Peru. Itaú Corpbanca is a commercial bank based in Chile with additional operations in Colombia and Panama. In addition, Itaú Corpbanca has a branch in New York and a representative office in Lima. Focused on large and medium sized companies and individuals, Itaú Corpbanca offers universal banking products. In 2012, the bank initiated a regionalization process and as of the date hereof has acquired two banks in Colombia ‒Banco Corpbanca Colombia and Helm Bank‒ becoming the first Chilean bank with banking subsidiaries abroad. The merger with Banco Itaú Chile and the business combination of our two banks in Colombia, represent the continued success of our regionalization process.

As of July 31, 2020, according to the Chilean Commission for the Financial Market, Itaú Corpbanca was the fifth largest private bank in Chile in terms of the overall size of its customer loan portfolio, equivalent to 9.9% market share. As of June 30, 2020, according to the Colombian Superintendency of Finance, Itaú Corpbanca Colombia was the eighth largest bank in Colombia in terms of total loans and total deposits, as reported under local regulatory and accounting principles. As of the same date, its market share by loans reached 4.1%.

Investor Relations – Itaú Corpbanca
+56 (2) 2660-1701 / IR@corpbanca.cl / ir.itau.cl

FAQ

What recent acquisition occurred involving Itaú Corpbanca (ITCB)?

Itaú Unibanco acquired 1.08% of the share capital of Itaú Corpbanca from the Saieh Family.

What is Itaú Corpbanca's market position in Chile?

Itaú Corpbanca is the fifth largest private bank in Chile with a 9.9% market share in customer loans.

When was the Material Event Notice filed by Itaú Corpbanca?

The Material Event Notice was filed on September 11, 2020.

How does Itaú Corpbanca rank in Colombia's banking sector?

As of June 30, 2020, Itaú Corpbanca Colombia was the eighth largest bank in Colombia by total loans and deposits.