Itaú Corpbanca Files Material Event Notice to announce CMF Approval of the Amendment to the Bylaws and Appointment of the Board of Directors at the following Annual General Shareholders’ Meeting

Rhea-AI Summary

ITAÚ CORPBANCA (NYSE: ITCB) has announced the approval of significant amendments to its bylaws following the Extraordinary Shareholders’ Meeting held on January 19, 2023. Key changes include a reduction in the Board of Directors from eleven to seven members and a reverse stock split that decreases the number of shares from over 973 billion to approximately 216 million, with the total subscribed and paid-in capital remaining unchanged. These changes aim to streamline governance and may enhance shareholder value. Additionally, the upcoming Annual General Shareholders' Meeting scheduled for April 20, 2023, will address the election of new board members.

Positive

• Reduction in Board members may improve decision-making efficiency.
• Reverse stock split could enhance share price perception.

Negative

• Potential loss of diverse perspectives with fewer Board members.
• Concerns over continuity and experience gaps due to Board restructuring.

SANTIAGO, Chile, March 28, 2023 (GLOBE NEWSWIRE) -- ITAÚ CORPBANCA (NYSE: ITCB; SSE: ITAUCORP) today the amendment of the Bank’s bylaws agreed upon at the Extraordinary Shareholders’ Meeting of the Bank held on January 19, 2023 was approved, by which, among other matters, it was agreed to (i) reduce the number of directors from eleven to seven and the number of alternate directors from two to one, and (ii) decrease the number of shares into which the Bank’s equity capital is divided from 973,517,871,202 to 216,347,305, without modifying the amount of the Bank’s subscribed and paid-in capital (the “reverse stock split”).

Given the aforementioned approval of the reduction in the number of Bank’s directors, and as reported by Material Event Notice dated February 22, 2022 –regarding the summon to the Annual General Shareholders' Meeting of the Bank (the “Meeting”) for April 20, 2023, at 10:00 a.m.--, we inform that the applicable matters of the Annual General Shareholders' Meeting will be decided at the Meeting, including the matter corresponding to the election of the members of the Bank’s Board of Directors

The full Material Event Notice is available on the company’s investor relations website at ir.itau.cl.

Investor Relations – Itaú Corpbanca

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

FAQ

What changes were approved at Itaú Corpbanca's Extraordinary Shareholders' Meeting?

The approved changes include reducing the Board of Directors from eleven to seven and a reverse stock split reducing shares from over 973 billion to about 216 million.

What is the scheduled date for Itaú Corpbanca’s Annual General Shareholders' Meeting?

The Annual General Shareholders' Meeting is scheduled for April 20, 2023, at 10:00 a.m.

How will the reduction in Board members affect Itaú Corpbanca?

The reduction may streamline governance but could also raise concerns about the loss of diverse perspectives and experience.

What is a reverse stock split and how does it affect shareholders?

A reverse stock split consolidates shares, reducing the total number of shares while increasing the share price. It does not affect the overall market capitalization.