Chilean lender CorpBanca was in discussions with potential
buyers in December after its sister company, retailer SMU,
breached covenants. BBVA and Itaú were thought to be the
most likely purchasers, although the Brazilian said it was
looking for a majority stake, which was not necessarily on
News M&A: CorpBanca seeks buyer
Chilean lender CorpBanca kept markets guessing over its buyer during a busy period for bank and insurance deals. By Ben Miller
Controller Álvaro Saieh put in his own equity after
SMU ran into trouble, and a partner for CorpBanca is a means to
fund this. The bank said in December it was close to clinching
a tie-up with a foreign or domestic operator.
The negotiations come as other financial institutions across
the region become the target of acquisitions.
China Construction Bank finally entered Brazil with
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