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January 29, 2014
06:43 EDTBCACorpBanca agrees to merge with Itau in Chile, combine business in Columbia
CorpBanca , CorpGroup, and Itaś Unibanco announce that today they have entered into a definitive agreement to merge CorpBanca and Banco Itaś Chile in a stock-for-stock transaction. The transaction will create a new Chilean Bank that will operate under the Itaś name. Through this merger, Itaś Unibanco and CorpBanca will combine their banking businesses in Chile and Colombia to create an Andean banking platform. Following the closing of the transaction, Itaś Unibanco will be the controlling shareholder of the new merged Chilean Bank with a 33.58% ownership interest. Additionally, at closing, Itaś Unibanco and CorpGroup will sign a shareholders' agreement to determine aspects related to corporate governance, transfer of shares and liquidity among others. The new Chilean Bank will control CorpBanca“s and Itaś Unibanco“s Colombian subsidiaries. This transaction is subject to regulatory approvals from the Brazilian, Colombian, Chilean, Panamanian and U.S. regulators and also subject to Banco Itaś Chile's and CorpBanca's shareholders' approval. If approved, CorpBanca's current shareholders will own 66.42% of the bank resulting from the merger of CorpBanca and Itaś Chile while Itaś Unibanco will own the remaining 33.58%. Prior to the closing of the merger, Itaś Unibanco will make a $652M equity infusion into Itaś Chile. Management expects to receive all required approvals by the end of the fourth quarter of 2014. CorpBanca anticipate that closing will occur shortly following the receipt of all required regulatory approvals. CorpBanca will be the surviving entity. Under the merger agreement, Itaś Unibanco will exchange all of the shares of Banco Itaś Chile in exchange for 172,048MM newly issued shares in CorpBanca, representing a 33.58% direct stake of the Chilean Bank immediately following the closing. Following the closing, the new Chilean Bank will acquire and control 100% of Itaś Colombia.
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