Press Releases

IFC, IFC Asset Management Company Fund Invest $170 million in Banco Corpbanca Colombia

In Washington, D.C.:
Adriana Gomez, IFC
Phone: +202-458-5204

Washington, DC, January 7, 2014- IFC, a member of the World Bank Group, and the IFC Capitalization Fund, managed by the IFC Asset Management Company, have signed an agreement to invest $170 million in a subordinated bond issued by Banco Corpbanca Colombia to be listed in Luxembourg Stock Exchange. The investment will strengthen the Colombian bank’s capital structure and will support its capacity to lend to small and medium enterprises.

In June 2012, Banco Corpbanca Colombia was acquired by the Chilean bank Corpbanca S.A. and is today the ninth largest bank in Colombia with a 3% market share in terms of loans portfolio. In October 2012, Banco Corpbanca Colombia agreed to acquire a 100% equity stake in Helm Bank S.A., the eighth largest bank in Colombia to merge both banks. With a combined market share of 7% in terms of loan portfolio, the merged entity became the fifth largest financial conglomerate in Colombia.

“IFC is currently a minority shareholder in Corpbanca S.A. in Chile. Through this investment in Colombia we expect to continue helping Corpbanca S.A. expand its business model to other markets, promote access to finance for productive companies and create jobs” said Giri Jadeja, IFC Senior Manager for Financial Markets in Latin America and the Caribbean. “This transaction confirms our support to Corpbanca S.A., a strategic partner for IFC in Latin America.”

In February 2013, IFC and two other funds managed by IFC Asset Management Company, including the IFC Capitalization Fund, invested US$227.5 million for a 5 percent equity stake in the Corpbanca S.A.’s share capital in Chile.

“This operation strengthens a strategic partnership with IFC and demonstrates IFC’s continued support of our consolidation plans in Colombia” said Alvaro Saieh, President of CorpGroup S.A., the holding company of Banco Corpbanca Colombia.

Marcos Brujis, Head of the the IFC Capitalization Fund, said: ""This is our Fund’s first investment in Colombia and we are very pleased to be partnering with Corpbanca S.A. as it expands its ability to lend to small and medium-sized enterprises.”".

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit

About IFC Asset Management Company
A wholly-owned subsidiary of IFC, IFC Asset Management Company, LLC is IFC's fund management arm. AMC invests third-party capital alongside IFC, enabling outside investors to benefit from IFC’s expertise in achieving strong returns, as well as positive development impact, in the countries in which it invests. AMC manages over $6 billion of capital across six investment funds.  

About the IFC Capitalization Fund
The IFC Capitalization Fund is a global equity and subordinated debt fund supported by commitments from IFC and the Japan Bank for International Cooperation. It aims to strengthen banks considered vital to the financial system of emerging markets.

About Japan Bank for International Cooperation
"Japan Bank for International Cooperation (JBIC) is a policy-based financial institution wholly owned by the Japanese government, which has the purpose of contributing to the sound development of Japan and the international economy and society, by taking responsibility for the financial function to promote the overseas development and securement of resources which are important for Japan, to maintain and improve the international competitiveness of Japanese industries and to promote the overseas business having the purpose of preserving the global environment, such as preventing global warming, also providing  the financial services that are necessary to prevent disruptions to international financial order or to take appropriate measures with respect to damages caused by such disruption, while having the objective of supplementing the financial transactions implemented by ordinary financial institutions. For more information, visit
About Banco Corpbanca Colombia
Banco Corpbanca Colombia, formerly known as Banco Santander Colombia, was acquired in June 2012 by the Chilean Corbanca S.A. for an amount of US$1.3 billion. The Bank operates a network of close to 90 branches and more than 110 ATMs across the Country and has a client base of approximately 300,000 (corporate, SMEs, and individuals). The bank provides the full spectrum of commercial and retail banking services, for corporates, SMEs, and individuals. For more information, please see:

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In Colombia:
Banco Corpbanca Colombia
Carolina Velasco
Phone: 6448000 Ext. 18080 Cell: 318 6197567

In Chile:
Marcelo Forni