Shearman And Sterling

News November 22, 2021

Itaú Corpbanca’s Approximately $1 Billion Rights Offering

Shearman & Sterling represented Itaú Corpbanca in its approximately $1 billion rights offering, in connection with a previously announced capital increase of up to 461,111,111,111 new common shares. A total of 455,243,347,249 common shares (including 517,837,500 common shares represented by American Depositary Shares) were subscribed and paid for, in the Chilean and international markets, representing 98.73 percent of the total new common shares issued in the aforementioned capital increase, raising a total of Ch$819,438,025,048 (approximately $1 billion).

The proceeds from the rights offering are expected to support future growth and to strengthen Itaú Corpbanca’s capital ratios in line with its principal competitors in Chile and in accordance with Basel III standards. Itaú Corpbanca also expects to use the net proceeds to acquire an additional 12.36 percent share ownership in Itaú Corpbanca Colombia, S.A.

Itaú Corpbanca is a commercial bank based in Chile, with operations in Colombia and Panama, a branch in New York City, United States and a representation office in Lima, Peru. It is one of Chile’s largest private financial institutions, offering a broad range of wholesale and retail banking services, as well as financial advisory services, asset management, insurance brokerage and securities brokerage services through its subsidiaries.

The Shearman & Sterling team below included visiting attorney Sebastian de la Puente (New York-Capital Markets).

The Team