SANTIAGO, CHILE- ITAAS CORPBANCA (NYSE: ITCB) (SSE: ITAUCORP) announced today that it filed a Material Event Notice with the Chilean Superintendencia de Valores y Seguros informing that the Chilean Supreme Court dismissed the complaint filed by the Superintendency of Banks and Financial Institutions (SBIF) regarding the final judgement made by the Court of Appeals of Santiago on August 31, 2016, by which the fine imposed by the SBIF pursuant to letter N16,191 for an amount of Ch$21,764.5 million (approximately US$30 million) was declared illegal. The Material Event Notice is also available on the company’s corporate website at itau.cl/investor-relations.
About ItaA� Corpbanca
ITAAS CORPBANCA (NYSE: ITCB) (SSE: ITAUCORP) is the entity resulting from the merger of Banco ItaA� Chile with and into Corpbanca on April 1, 2016. The current ownership structure is: 35.71% owned by ItaA� Unibanco, 31.00% owned by CorpGroup and 33.29% owned by minority shareholders. ItaA� Unibanco is the sole controlling shareholder of the merged bank. Within this context and without limiting the above, ItaA� 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 merged bank has become the fourth largest private bank in Chile and will result in a banking platform for future expansion in Latin America, specifically in Chile, Colombia, Peru, and Central America. ItaA� Corpbanca is a commercial bank based in Chile with operations also in Colombia and Panama. In addition, ItaA� Corpbanca has a branch in New York and a representative office in Madrid. Focused on large and medium companies and individuals, ItaA� 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 having banking subsidiaries abroad. The merger with Banco ItaA� Chile and the business combination of our two banks in Colombia, represent the continued success of our regionalization process.
As of March 31, 2017, according to the Chilean Superintendency of Banks, ItaA� Corpbanca was the fourth largest private bank in Chile in terms of the overall size of its customer loan portfolio, equivalent to 11.2% market share.
As of February 28, 2017, according to the Colombian Superintendency of Finance, Corpbanca Colombia was the sixth largest bank in Colombia in terms of total loans and also the sixth largest bank in Colombia in terms of total deposits, as reported under local regulatory and accounting principles. As of the same date, its market share by loans reached 5.4%.
Source: Itau CorpBanca