Itaú Corpbanca Files Material Event Notice Announcing the Resignation and Appointment of a Director

Rhea-AI Summary

Itaú Corpbanca (NYSE: ITCB) announced the resignation of director Caio Ibrahim David and the appointment of Matias Granata as his replacement, effective immediately. This change is significant as it affects the company's governance structure leading up to the next annual shareholders’ meeting. The bank continues to operate as the fifth largest private bank in Chile, with a 9.9% market share in customer loans as of November 30, 2020. Its operations extend to Colombia and Peru, aligning with its regional expansion strategy.

Positive

• Appointment of Matias Granata as director may bring fresh perspectives to the board.

Negative

• Resignation of a director could raise concerns about governance continuity.

SANTIAGO, Chile, Jan. 27, 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 Mr. Caio Ibrahim David resigned from his position as director of Itaú Corpbanca. The board of directors appointed Mr. Matias Granata as Mr. David’s replacement effective immediately. Mr. Granata shall hold office until the next annual ordinary shareholders’ meeting. 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, 27.49% 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 November 30, 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 of October 31, 2020, 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 the same date, its market share by loans reached 4.0%.

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

FAQ

What prompted the director resignation at Itaú Corpbanca?

Caio Ibrahim David resigned from his position, but specific reasons were not disclosed in the press release.

Who is the new director of Itaú Corpbanca?

Matias Granata has been appointed as the new director, effective immediately.

How will Matias Granata's appointment affect Itaú Corpbanca?

His appointment could provide a fresh perspective and influence company strategy until the next shareholders’ meeting.

What is Itaú Corpbanca's market position in Chile?

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