Washington, DC, October 4, 2012—IFC,
a member of the World Bank Group, and two funds managed by IFC Asset Management
Company will purchase approximately 5 percent of CorpBanca common stock.
The investment will support the Chilean bank’s expansion plan in Latin
America and boost financial markets in the region.
The two funds are the IFC African, Latin American, and Caribbean Fund and
the IFC Capitalization Fund. Both are managed by IFC Asset Management Company,
a wholly-owned subsidiary of IFC.
“With this investment, IFC becomes a strategic partner with CorpBanca,
by strengthening the bank’s position in financial markets and supporting
its expansion plan,” said Alvaro Saieh, President of CorpGroup, the holding
company of CorpBanca.
CorpBanca is a leading financial institution in Chile, focused mainly on
commercial and retail banking. It recently acquired Banco Santander’s
banking subsidiary in Colombia, Banco Santander Colombia, which will serve
as a starting point for its regional expansion. IFC’s investment will
help CorpBanca become a regional player and facilitate investment and trade
between emerging markets in Latin America.
“IFC’s support provides recognition of CorpBanca’s strict international
corporate governance standards and sustainability approach,” said Pilar
Dañobeitía, General Manager of CorpGroup. “IFC’s partnership will strengthen
our leadership position in the Chilean financial system and the region,
and will improve our capacity to support productive sectors.”
The investment will enable CorpBanca to expand its focus on financing small
and medium enterprises, which generate the bulk of employment opportunities
in the region. CorpBanca aims to extend these critical financial services
across Latin America, in countries such as Mexico, Peru, and Brazil.
“Through this investment, we expect to help CorpBanca expand its business
model to other markets, with the end goal of enhancing access to finance,
particularly for those sectors responsible for driving employment and contributing
to economic development,” said Paolo Martelli, IFC Director of Financial
Markets in Latin America and the Caribbean and Sub-Saharan Africa. “With
this investment, IFC will bring its recognized industry expertise and experience
supporting the development of financial markets globally.”
Gavin Wilson, CEO of IFC Asset Management Company, said: "We are very
pleased to be partnering with CorpBanca as it expands its franchise from
its home market of Chile to Colombia, another strong growth market in Latin
America. We look forward to working with their dynamic management team
to help build a regional champion as the financial sector in the Andean
region becomes increasingly integrated."
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, mobilizing
capital in international financial markets, and providing advisory services
to businesses and governments. In FY12, our investments reached an all-time
high of more than $20 billion, leveraging the power of the private sector
to create jobs, spark innovation, and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.
About IFC Asset Management Company
IFC Asset Management Company LLC, a wholly-owned subsidiary of IFC, invests
third-party capital, enabling outside investors to benefit from IFC’s
expertise in achieving strong equity returns as well as positive development
impact in the countries in which it invests. It manages $4.5 billion of
capital across four investment funds.
About the IFC African, Latin American, and Caribbean Fund
IFC ALAC Fund is a $1 billion fund that invests alongside IFC in equity
investments in Sub-Saharan Africa, Latin America and the Caribbean. It
provides long-term growth capital for private enterprise in these regions.
About the IFC Capitalization Fund
IFC Capitalization Fund is a $3 billion fund that invests alongside IFC
in equity and subordinate debt investments in systemic banks and financial
institutions throughout the world.
CorpBanca (NYSE: BCA; BCS: CORPBANCA) is a commercial bank based in Chile,
with operations also in the United States, Spain, and Colombia. Its consolidated
assets are over $27.2 billion and its capital base totaled $1.9 billion
as of August 31, 2012. Focused on large and medium companies and individuals,
CorpBanca offers universal banking products. Since 1995, CorpBanca has
been part of the Saieh Group. For more information, please see: www.corpbanca.cl.