Itaú Corpbanca Files Material Event Notice Announcing the Definitive Appointment of Directors

Rhea-AI Summary

Itaú Corpbanca (NYSE: ITCB) announced the appointment of Rogerio Braga and Matias Granata to its Board of Directors at the annual shareholders' meeting held on March 18, 2021. This decision follows a strategic evaluation aimed at enhancing governance and oversight. Itaú Corpbanca, a significant player in the Chilean market with a 9.9% share in customer loans as of December 2020, continues to focus on regional growth in Latin America. The full Material Event Notice is accessible on the company’s investor relations website.

Positive

• Appointment of new board members may provide fresh perspectives and strengthen governance.

Negative

• Potential concerns regarding continuity with the new appointments.

SANTIAGO, Chile, March 18, 2021 (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 at the annual ordinary shareholders’ meeting held today, our shareholders agreed to appoint Messrs. Rogerio Braga and Matias Granata as members of our Board of Directors. The full 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, 27.16% 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 December 31, 2020, according to the Chilean Financial Market Commission, 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 the same date, according to the Colombian Superintendency of Finance, Itaú Corpbanca Colombia was the eighth largest bank in Colombia in terms of total loans and nineth in terms of total deposits, as reported under local regulatory and accounting principles. As of December 31, 2020, its market share by loans reached 4.0%.

Investor Relations – Itaú Corpbanca

+56 (2) 2660-1701 / IR@itau.cl / ir.itau.cl

 

FAQ

What new appointments were made to Itaú Corpbanca's Board of Directors?

Rogerio Braga and Matias Granata were appointed as members of the Board of Directors.

Why were new board members appointed at Itaú Corpbanca?

The appointments were made to enhance corporate governance and oversight.

How does Itaú Corpbanca's market position compare in Chile?

As of December 2020, Itaú Corpbanca held a 9.9% market share in customer loans, making it the fifth largest private bank in Chile.

When was the shareholders' meeting held for Itaú Corpbanca?

The annual ordinary shareholders' meeting was held on March 18, 2021.

What is the significance of the new board appointments for Itaú Corpbanca?

The new appointments may lead to improved governance and strategic direction.