Chilean subsidiary of Brazilian banking institution
Itau Chile
is a Chilean
commercial bank
that is the subsidiary of Brazilian
Itau Unibanco
. As of 2023
[update]
, the bank had 168 branches in Chile and 68 branches in Columbia. Itau Corpbanca is headquartered in
Santiago
and has offices in
Lima
,
Madrid
,
Miami
and
New York City
.
History
[
edit
]
In 1871, a group of neighbors from
Concepcion
led by
Anibal Pinto
, who would later become President of
Chile
, drew up the by-laws of Banco de Concepcion. The Bank began business on October 6, 1871 and has continued operating uninterrupted until today, which makes it the oldest bank in Chile. Following
nationalization
of
private banking
in 1971, the ownership of the Bank changed and came under the control of CORFO. That same year, Banco de Concepcion acquired the local interests of Banco Frances and Italiano, which provided the institution presence in
Santiago
.
Later, in 1972, the bank purchased Banco de Chillan and, in 1975, Banco de Valdivia. In November 1975, CORFO sold shares to private businessmen who took control of the bank the following year. After a period of growth, in 1980 Banco de Concepcion was redefined as a nationwide bank; it changed its name to Banco Concepcion and moved its headquarters from Concepcion to Santiago.
In 1986 the National Mining Corporation (SONAMI) acquired the Bank and took special interest in financing small and medium mining projects, increased its
capital
and sold its riskier portfolio to the Central Bank. In late 1995, SONAMI sold the majority of its shareholding in the Bank to a group of investors led by
Alvaro Saieh
, through the
holding company
INFISA (now Corp Group). In 2014 the bank merged with
Banco Itau Chile
, and was renamed to Itau Corpbanca.
Following the Corp Group acquisition
[
edit
]
Since the acquisition, the
shareholders
defined a new strategy; restructuring and repositioning its business in order to compete with Chile's leading institutions. To promote growth, the controlling group redefined the Bank's objectives making its target market personal financing and developing products for the middle-income population and small and medium-sized companies.
In the first quarter of 1997 the shareholders of Banco Concepcion reached an agreement with the Chilean Central Bank over extinguishing the
subordinated debt
that had existed since the early 1980s. As part of the repositioning strategy the bank's name was changed to Corpbanca. In 1998, through the acquisition of Corfinsa (consumer loan division of
Banco Sudamericano
) and Financiera Condell, the bank formed Bancondell initiating its presence in the medium ? lower income consumer business (massive banking). The defined strategy helped Corpbanca achieve the financial sector's second strongest loan growth over the following seven years and, in addition, reversing the 1999 losses and achieved an adequate
Return on equity
since 2001.
In November 2002, Itau Corpbanca issued shares in the local market for a total of
USD
$250 million. The issuance was made in the
Emerging Stock Market
, being the first issuer to issue instruments in such market.
Subsequently, in November 2004, Corpbanca took a major step towards internationalization when it completed the process of listing its
American Depositary Receipts
(ADRs) on the
New York Stock Exchange
.
[1]
On April 1, 2016, Coprbanca was acquired Brazilian bank
Itau Unibanco
, they held 66.7% with the rest owned by minority shareholders. The bank was renamed as Itau Corpbanca.
[2]
Operations
[
edit
]
The Bank provides a wide range of both commercial and retail banking services to its customers. In addition, Corpbanca provides
financial
advisory services,
mutual fund
management,
insurance
brokerage and
securities
brokerage services through its subsidiaries.
The Bank was listed on the
New York Stock Exchange
for the first time on November 1, 2004. As of December 31, 2005, Corpbanca had a nationwide network of 68 branches in Chile, including 28 branches operating under the CorpBanca name, 20 branches operating under the
Bancondell
name and 20 integrated branches, which operate under both the Corpbanca and Bancondell names. As of December 31, 2005, the Bank owned and operated 108
automated teller machines
(ATMs) in Chile. Itau CorpBanca's customers have access to over 4,000 ATMs in Chile through its agreement with Redbanc S.A. (Redbanc).
Notes
[
edit
]
IPSA
companies of
Chile
(as of 13 January 2022)
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