Itaú CorpBanca

#3655

Rank

$2.28B

MarketCap CL

CL Chile

Country

Summary
Itaú Corpbanca provides wholesale and retail banking services to small and medium-sized enterprises, individuals, and institutional clients in Chile and Colombia. The company offers checking and savings accounts, demand and time deposits, certificates of deposit and bankers' drafts; and lending in Chilean pesos and foreign currencies, trade financing, general commercial and consumer loans, working capital loans, personal installment loans, mortgage loans, credit lines, and letters of credit. It also offers interest rate, foreign exchange derivatives, cash flow management, mutual fund and securities brokerage, financial advisory services, asset management, insurance brokerage, treasury, and trust and custodial services; trust portfolio management services, including investment trust management, administration, security, real estate trusts, and fund administration; court and out-of-court collections services for loans; credit and debit cards; and internet, telephone, and mobile banking services. As of December 31, 2021, the company operated 188 branches and 402 ATMs. Itaú Corpbanca was incorporated in 1871 and is headquartered in Santiago, Chile. Itaú Corpbanca is a subsidiary of Itaú Unibanco Holding S.A.

History

In 1871, a group of neighbors from Concepción led by Aníbal Pinto, who would later become President of Chile, drew up the by-laws of Banco de Concepción. 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 Concepción acquired the local interests of Banco Francés and Italiano, which provided the institution presence in Santiago. Later, in 1972, the bank purchased Banco de Chillán 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 Concepción was redefined as a nationwide bank; it changed its name to Banco Concepción and moved its headquarters from Concepción to Santiago. In 1986 the National Mining Corporation 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 Álvaro Saieh, through the holding company INFISA . In 2014 the bank merged with Banco Itaú Chile, and was renamed to Itaú Corpbanca.

Following the Corp Group acquisition

Since the acquisition, the new 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 Concepción 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 and Financiera Condell, the bank formed Bancondell initiating its presence in the medium – lower income consumer business . The defined strategy has helped Corpbanca achieve the financial sector's second strongest loan growth over the past seven years and, in addition, reversing the 1999 losses and achieve an adequate ROE since 2001. In November 2002, Itaú 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 on the New York Stock Exchange.


Mission
Our responsibility for the development of the country is at the heart of our activity.

Vision
We want to be a transformation agent. We want to promote improvements and be a leader in sustainable performance and customer satisfaction. We want to win the admiration and trust of all who relate to us and inspire people to think in an innovative way to transform the world

Key Team

Ms. Roxana Zamorano Pozo (Chief Accounting Officer)

Ms. Claudia Labbé Montevecchi (Head of Investor Relations)

Mr. Cristian Toro Canas (Gen. Counsel)

Mr. Cristobal Ortega Soto (Chief Compliance Officer)

Ms. Marcela Leonor Jimenez Pardo (Corp. Director of People & Management Performance)

Mr. Mauricio Baeza Letelier (Chief Risk Officer)

Mr. Emerson Bastian Vergara (Chief Audit Officer)


Recognition and Awards
Itaú CorpBanca has been recognised for its commitment to service excellence, sustainability and financial strength. Among the awards it has received are: Best Bank in Chile , Best Credit and Debit Card Provider in Chile

References
Itaú CorpBanca
Leadership team

Mr. Gabriel Amado de Moura (Chief Exec. Officer)

Mr. Rodrigo Luis Rosa Couto (Corp. Fin. Mang. & CFO)

Mr. Jorge Novis Neto (Corp. Operations Mang.)

Products/ Services
Banking, Financial Services
Number of Employees
1,000 - 20,000
Headquarters
Las Condes, Region Metropolitana, Chile
Established
1871
Company Registration
SEC CIK number: 0001276671
Net Income
100M - 500M
Revenue
Above - 1B
Traded as
ITCB
Wed Feb 28 2024
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