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.