Itaú Unibanco Holding S.A. completed the acquisition of remaining 34.38% stake in Itaú Corpbanca.
July 04, 2023
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Itaú Unibanco Holding S.A. (BOVESPA:ITUB4) made a tender offer to acquire remaining 34.38% stake in Itaú Corpbanca (SNSE:ITAUCORP) for approximately CLP 670 billion on March 2, 2023. Under the terms, Itaú Unibanco will pay CLP 2 per shares in cash. Transaction is subject to the fulfillment of approval of the Central Bank of Brazil (BACEN) and the CMF. As of May 30, 2023, Itaú Unibanco received on May 26, 2023 the last pending regulatory authorization to increase its shareholding in Banco Itaú Chile. Tender offer is expected to be conducted during the first semester of 2023. Shearman & Sterling LLP served as legal advisor to Itaú Unibanco Holding S.A. (BOVESPA:ITUB4).
Itaú Unibanco Holding S.A. (BOVESPA:ITUB4) completed the acquisition of remaining 34.38% stake in Itaú Corpbanca (SNSE:ITAUCORP) on July 5, 2023.
Banco Itau Chile is a Chile-based financial institution (the Bank) engaged in the banking sector. The Bank operates in seven segments: Large, Corporate and Real Estate Companies, which includes companies that belong to major economic groups and specific industries; Companies, which includes leasing, factoring and other financial services for business customers; Traditional and Private Banking, which offers checking accounts, consumer loans, credit cards and mortgage loans; Lower Income Retail Banking, corresponding to operations of Banco Condell, which offers consumer loans, credit cards and mortgage loans; Treasury and International, which comprises treasury activities, such as financial management and funding; Non-Banking Financial Services, which provides services rendered by its subsidiaries, including insurance brokerage, financial advisory and securities brokerage, and Colombia, which includes commercial and retail banking services provided by CorpBanca Colombia and Helm Bank.