Bank of the Year, Chile: Banco Corpbanca
Ratings agencies may have frowned on Corpbanca’s Colombian acquisitions, but with a strong financial set-up, the bank is confident it has a formula for success, its chief executive says
Corpbanca had a busy year. In the 12 months to June, it cut
non-performing loans, lifted its capital, and increased its
return on equity. In November 2012, it issued subordinated debt
worth around $315 million in Chile's local market and in
January it drew $3 billion of demand for its international bond
debut, an $800 million five-year note. Then in February, it
closed an equity increase worth more than $620 million. Through
acquisitions and organic growth in recent years, Corpbanca has
built market share to 8.3% in Chile, from 7% in 2008. It
reported a pre-tax return on equity of 20.6% in the second
quarter, up from 18.3% a year earlier, and its assets were up
5%, at 14 trillion Chilean pesos ($27.6 billion), on the year.
It increased its...
Already have an account?
Subscribe now for unlimited access to all current and archive news, data and market analysis.
Take a free two-week trial now for the latest news, data and market analysis.