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    ITAUCORP   CL0002262351

ITA┌ CORPBANCA

(ITAUCORP)
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Shareholders of Chile's Itau Corpbanca approve $1.1 billion capital increase

07/13/2021 | 09:25pm EDT
FILE PHOTO: People walk past an Itau branch office in Rio de Janeiro

SANTIAGO (Reuters) - Shareholders of Chile's Itau Corpbanca voted on Tuesday to approve a capital increase of $1.1 billion to underpin the lender's growth in the South American nation.

The company said in a filing with Chilean financial regulators in June that the fresh funds would assure "capitalization ratios in line with the main banks in the country."

Itaú Chile merged with Chilean Corpbanca in 2016. Since the acquisition, Itau has faced an integration that took longer than expected, loan losses, weak profitability and violent protests in Chile.

The capital increase is aimed at bolstering growth, but also assuring compliance with stringent Basel III capital requirements, the bank said.

"We took an important step in the evolution of the bank, we had strong support from our shareholders, and this reinforces that we are on the right path," Gabriel Moura, Itaú Corpbanca's CEO, said in the statement.

The bank has operations in Chile, Colombia, Peru and Panama.

(Reporting by Dave Sherwood; Editing by Leslie Adler)

By Dave Sherwood


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ITAÚ CORPBANCA 5.49% 2.152 End-of-day quote.-9.96%
MSCI PERU (GDTR) 0.75% 4681.553 Real-time Quote.-27.08%
THE NASDAQ COLOMBIA INDEXED MARKET -0.16% 349.315793 Real-time Quote.-21.93%
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Financials
Sales 2021 1 072 B 1 353 M 1 353 M
Net income 2021 199 B 252 M 252 M
Net Debt 2021 - - -
P/E ratio 2021 5,52x
Yield 2021 -
Capitalization 1 103 B 1 397 M 1 392 M
Capi. / Sales 2021 1,03x
Capi. / Sales 2022 0,86x
Nbr of Employees -
Free-Float 28,8%
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Mean consensus UNDERPERFORM
Number of Analysts 4
Last Close Price 2,15 CLP
Average target price 2,48 CLP
Spread / Average Target 15,0%
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Managers and Directors
Gabriel Amado de Moura Chief Executive Officer
Rodrigo Luis Rosa Couto Chief Financial Officer
Jorge AndrÚs Saieh Guzmßn Chairman
Eduardo Neves Director-Information Technology
Cristobal Ortega Soto Chief Compliance Officer
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