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CorpBanca deal positive for Itau: Fitch

Jan 30, 2014

Itau Unibanco’s agreement to take a 33.58% stake in Chilean lender CorpBanca gives the Brazilian bank a strong hold in Andean markets, making it positive for the bank, Fitch Ratings analyst Franklin Santarelli said. “[Itau Unibanco] has longstanding operations in Chile, but it was difficult to grow that organically because the competition is fierce,” he told LatinFinance. In a deal announced late on Tuesday, Itau is poised to become the fourth largest Chilean retail bank — until now it ranked seventh —...

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