SANTIAGO, CHILE--(Marketwired - Feb 28, 2017) - ITAÚ CORPBANCA (NYSE: ITCB) (SSE: ITAUCORP) announced today its Management Discussion & Analysis Report for the fourth quarter ended December 31, 2016.
In order to allow for comparison with previous periods, historical pro forma data of the consolidated, combined results of Banco Itaú Chile ("Itaú Chile") and CorpBanca -- deconsolidating our former subsidiary SMU Corp S.A. (which after the merger was no longer considered strategic) and excluding non-recurring events for the periods prior to the second quarter of 2016 -- is presented in this Management Discussion & Analysis report. The pro forma income statement has been calculated as if the merger of Itaú Chile with and into CorpBanca occurred on January 1, 2015.
The pro forma information presented in this report is based on (i) the combined consolidated historical unaudited Financial Statements of each of CorpBanca and Itaú Chile, as filed with the "Superintendencia de Bancos e Instituciones Financieras" ("SBIF"), (ii) the deconsolidation of SMU Corp unaudited Financial Statements, as filed with the SBIF and (iii) the exclusion of non-recurring events.
The pro forma combined financial information included in the MD&A Report is provided for illustrative purposes only, and does not purport to represent what the actual combined results of Itaú Chile and CorpBanca could have been had the acquisition occurred as of January 1, 2015.
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About Itaú CorpBanca
ITAÚ CORPBANCA (NYSE: ITCB) (SSE: ITAUCORP) is the entity resulting from the merger of Banco Itaú Chile with and into CorpBanca on April 1, 2016. The current ownership structure is: 35.71% owned by Itaú Unibanco, 31.00% owned by CorpGroup and 33.29% owned by minority shareholders. Itaú Unibanco is the sole controlling shareholder of the merged bank. Within this context and without limiting the above, Itaú Unibanco and CorpGroup have signed a shareholders' agreement to determine aspects related to corporate governance, dividend policy (based on performance and capital metrics), transfer of shares, liquidity and other matters.
The merged bank has become the fourth largest private bank in Chile and will result in a banking platform for future expansion in Latin America, specifically in Chile, Colombia, Peru, and Central America. Itaú CorpBanca is a commercial bank based in Chile with operations also in Colombia and Panama. In addition, Itaú CorpBanca has a branch in New York and a representative office in Madrid. Focused on large and medium companies and individuals, Itaú CorpBanca offers universal banking products. In 2012, the bank initiated a regionalization process and as of the date hereof has acquired two banks in Colombia -- Banco CorpBanca Colombia and Helm Bank -- becoming the first Chilean bank having banking subsidiaries abroad. The merger with Banco Itaú Chile and the business combination of our two banks in Colombia, represent the continued success of our regionalization process.
As of December 31, 2016, according to the Chilean Superintendency of Banks, Itaú CorpBanca was the fourth largest private bank in Chile in terms of the overall size of its customer loan portfolio, equivalent to 11.4% market share.
At the same date, according to the Colombian Superintendency of Finance, CorpBanca Colombia was the sixth largest bank in Colombia in terms of total loans and also the sixth largest bank in Colombia in terms of total deposits, as reported under local regulatory and accounting principles. As of December 31, 2016 its market share by loans reached 5.4%.