Simpson Thacher Represents CorpBanca in the Announced Merger with Banco Itaú Chile
02.10.14
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The Firm is representing CorpBanca in connection with the announced stock for stock merger with Banco Itaú Chile and the combination of CorpBanca’s and Itaú Unibanco’s operations in Colombia. This transaction is subject to customary closing conditions, including regulatory approvals and the approval of CorpBanca’s and Itaú Chile’s shareholders.
CorpBanca (NYSE: BCA) is the fourth largest private bank in Chile in terms of assets and the fifth largest bank in Colombia (through the combined operations of CorpBanca Colombia and Helm Bank) in terms of assets. Banco Itaú Chile (the seventh largest private bank in Chile by loans and the sixth largest private bank in Chile by total deposits) is owned by Itaú Unibanco, the largest private bank in Latin America. Following the closing of the transaction, Itaú Unibanco will be the controlling shareholder of the merged Chilean bank with a 33.58% ownership interest.
The transaction is the largest transaction in the history of the Chilean financial industry and the largest transaction in the financial industry in Latin America since 2008.
The Simpson Thacher team includes David Williams, Ed Chung, Juan M. Naveira, Paula Querol and international associates Benjamín Alcaino and Tomas Perez Alati (M&A); Jackie Barbera and Adam Wells (Tax); Greg Grogan and Linda Barrett (Executive Compensation and Employee Benefits); Mark Chorazak (Bank Regulatory); and Marcela Robledo (IP).