News M&A: CorpBanca seeks buyer

Jan 1, 2014

Chilean lender CorpBanca kept markets guessing over its buyer during a busy period for bank and insurance deals. By Ben Miller

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 offer.

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.

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