Itau Corpbanca Announces First Quarter 2017 Management Discussion & Analysis Report
SANTIAGO, CHILE--(Marketwired - Apr 28, 2017) - ITAÚ CORPBANCA (NYSE: ITCB) (SSE: ITAUCORP) announced today
its Management Discussion & Analysis Report for the first quarter ended March 31, 2017.
In order to allow for comparison with previous periods, historical pro forma data of the consolidated, combined results of
Banco Itaú Chile ("Itaú Chile") and Corpbanca -- deconsolidating our former subsidiary SMU Corp S.A. (which after the merger was
no longer considered strategic) and excluding non-recurring events -- is presented in this Management Discussion & Analysis
report. The pro forma income statement for the periods prior to the second quarter of 2016 has been calculated as if the merger
of Itaú Chile with and into Corpbanca occurred on January 1, 2015.
The pro forma information presented in this report is based on (i) the combined consolidated historical unaudited financial
statements of each of Corpbanca and Itaú Chile, as filed with the "Superintendencia de Bancos e Instituciones
Financieras" ("SBIF"), (ii) the deconsolidation of SMU Corp S.A. unaudited financial statements, as filed with the SBIF and
(iii) the exclusion of non-recurring events.
The pro forma combined financial information included in the MD&A Report is provided for illustrative purposes only, and
does not purport to represent what the actual combined results of Itaú Chile and Corpbanca could have been had the acquisition
occurred as of January 1, 2015.
For more information, please refer to the following link:
http://www.capitallink.com/press/2017_Q1_Earnings_Release.pdf
About Itaú Corpbanca
ITAÚ CORPBANCA (NYSE: ITCB; SSE: ITAUCORP) is the entity resulting from the merger of Banco
Itaú Chile with and into Corpbanca on April 1, 2016. The current ownership structure is: 35.71% owned by Itaú Unibanco, 31.00%
owned by CorpGroup and 33.29% owned by minority shareholders. Itaú Unibanco is the sole controlling shareholder of the merged
bank. Within this context and without limiting the above, Itaú Unibanco and CorpGroup have signed a shareholders' agreement
relating to corporate governance, dividend policy (based on performance and capital metrics), transfer of shares, liquidity and
other matters.
The merged bank has become the fourth largest private bank in Chile and will result in a banking platform for future expansion
in Latin America, specifically in Chile, Colombia, Peru, and Central America. Itaú Corpbanca is a commercial bank based in Chile
with operations also in Colombia and Panama. In addition, Itaú Corpbanca has a branch in New York and a representative office in
Madrid. Focused on large and medium companies and individuals, Itaú Corpbanca offers universal banking products. In 2012, the
bank initiated a regionalization process and as of the date hereof has acquired two banks in Colombia -- Banco Corpbanca Colombia
and Helm Bank--, becoming the first Chilean bank having banking subsidiaries abroad. The merger with Banco Itaú Chile and the
business combination of our two banks in Colombia, represent the continued success of our regionalization process.
As of February 28, 2017, according to the Chilean Superintendency of Banks, Itaú Corpbanca was the fourth largest private bank
in Chile in terms of the overall size of its customer loan portfolio, equivalent to 11.3% market share.
As of January 31, 2017, according to the Colombian Superintendency of Finance, Corpbanca Colombia was the sixth largest bank
in Colombia in terms of total loans and also the sixth largest bank in Colombia in terms of total deposits, as reported under
local regulatory and accounting principles. As of the same date, its market share by loans reached 5.4%.