November 1, 2013
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 p
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