Washington, DC, October 4, 2012
—IFC, a member of the World Bank Group, and two funds managed by IFC Asset Management Company will purchase approximately 5 percent of CorpBanca common stock. The investment will support the Chilean bank’s expansion plan in Latin America and boost financial markets in the region.
The two funds are the IFC African, Latin American, and Caribbean Fund and the IFC Capitalization Fund. Both are managed by IFC Asset Management Company, a wholly-owned subsidiary of IFC.
“With this investment, IFC becomes a strategic partner with CorpBanca, by strengthening the bank’s position in financial markets and supporting its expansion plan,” said Alvaro Saieh, President of CorpGroup, the holding company of CorpBanca.
CorpBanca is a leading financial institution in Chile, focused mainly on commercial and retail banking. It recently acquired Banco Santander’s banking subsidiary in Colombia, Banco Santander Colombia, which will serve as a starting point for its regional expansion. IFC’s investment will help CorpBanca become a regional player and facilitate investment and trade between emerging markets in Latin America.
“IFC’s support provides recognition of CorpBanca’s strict international corporate governance standards and sustainability approach,” said Pilar Dañobeitía, General Manager of CorpGroup. “IFC’s partnership will strengthen our leadership position in the Chilean financial system and the region, and will improve our capacity to support productive sectors.”
The investment will enable CorpBanca to expand its focus on financing small and medium enterprises, which generate the bulk of employment opportunities in the region. CorpBanca aims to extend these critical financial services across Latin America, in countries such as Mexico, Peru, and Brazil.
“Through this investment, we expect to help CorpBanca expand its business model to other markets, with the end goal of enhancing access to finance, particularly for those sectors responsible for driving employment and contributing to economic development,” said Paolo Martelli, IFC Director of Financial Markets in Latin America and the Caribbean and Sub-Saharan Africa. “With this investment, IFC will bring its recognized industry expertise and experience supporting the development of financial markets globally.”
Gavin Wilson, CEO of IFC Asset Management Company, said: "We are very pleased to be partnering with CorpBanca as it expands its franchise from its home market of Chile to Colombia, another strong growth market in Latin America. We look forward to working with their dynamic management team to help build a regional champion as the financial sector in the Andean region becomes increasingly integrated."
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
About IFC Asset Management Company
IFC Asset Management Company LLC, a wholly-owned subsidiary of IFC, invests third-party capital, enabling outside investors to benefit from IFC’s expertise in achieving strong equity returns as well as positive development impact in the countries in which it invests. It manages $4.5 billion of capital across four investment funds.
About the IFC African, Latin American, and Caribbean Fund
IFC ALAC Fund is a $1 billion fund that invests alongside IFC in equity investments in Sub-Saharan Africa, Latin America and the Caribbean. It provides long-term growth capital for private enterprise in these regions.
About the IFC Capitalization Fund
IFC Capitalization Fund is a $3 billion fund that invests alongside IFC in equity and subordinate debt investments in systemic banks and financial institutions throughout the world.
CorpBanca (NYSE: BCA; BCS: CORPBANCA) is a commercial bank based in Chile, with operations also in the United States, Spain, and Colombia. Its consolidated assets are over $27.2 billion and its capital base totaled $1.9 billion as of August 31, 2012. Focused on large and medium companies and individuals, CorpBanca offers universal banking products. Since 1995, CorpBanca has been part of the Saieh Group. For more information, please see: