Itaú Corpbanca’s $1.011 Million Capital Increase

Morales & Besa and Davis Polk advised J.P. Morgan Securities LLC, Itaú BBA USA Securities, Inc., Banco BTG Pactual S.A. – Cayman Branch and Larraín Vial S.A., acting as Dealer Managers on the transaction

Itaú Corpbanca extraordinary Shareholders’ Meeting  agreed to approve the Ch$830 billion capital increase proposed by the board of directors, with the aim of supporting the bank’s future growth and digital transformation.

With this capital increase, the bank will obtain new funding to support its growth and digital transformation, at the same time that it will achieve capital ratios in line with main peers in the local industry, including the effect on capital ratios due to the increase in share ownership of Itaú Corpbanca Colombia. 

Itaú Corpbanca is a publicly traded bank organized under the laws of Chile. In addition to Chile, it has operations in Colombia and Panama, a branch in New York City and a representation office in Lima, Peru. Itaú Corpbanca provides 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.

Morales & Besa advised J.P. Morgan Securities LLC, Itaú BBA USA Securities, Inc., Banco BTG Pactual S.A. – Cayman Branch and Larraín Vial S.A., acting as Dealer Managers on the transaction with a team including Guillermo Morales (Picture), Andrea Díaz, Bárbara Echaiz, Abel Flores, Santiago Martínez, Macarena López, Bernardita Rotman, María Luisa Portales, Juan José Prieto, Felipe Cousiño, Arantza Pons and Andrea Gonzalez.

The Davis Polk corporate team included partner Maurice Blanco, counsel Alain Kuyumjian and associate Carlos Escandón. The tax team included counsel Alon Gurfinkel and associate Eitan Ulmer. 

Involved fees earner: Felipe Cousiño – Alessandri Abogados; Maurice Blanco – Davis Polk & Wardwell; Carlos Escandón – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Alain Kuyumjian – Davis Polk & Wardwell; Eitan Ulmer – Davis Polk & Wardwell; Andrea Díaz – Morales & Besa; Barbara Echaiz – Morales & Besa; Abel Flores – Morales & Besa; Andrea González – Morales & Besa; Macarena López – Morales & Besa; Santiago Martínez – Morales & Besa; Guillermo Morales – Morales & Besa; Arantza Pons – Morales & Besa; María Luisa Portales – Morales & Besa; Juan José Prieto – Morales & Besa; Bernardita Rotman – Morales & Besa;

Law Firms: Alessandri Abogados; Davis Polk & Wardwell; Morales & Besa;

Clients: Banco BTG Pactual S.A. – Cayman Branch; Itaú BBA USA Securities; JP Morgan Securities; Larraín Vial S.A.;

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Author: Ambrogio Visconti