CorpBanca and Itaú Unibanco in Combination of Banking Businesses in Chile and Colombia

February 5, 2014

Cleary Gottlieb is representing Bank of America Merrill Lynch and Goldman Sachs, as financial advisors to CorpBanca, in connection with the merger of Banco Itaú Chile and CorpBanca in a stock-for-stock transaction.

The transaction will create a new Chilean Bank that will operate under the Itaú name. Under the merger agreement, Itaú Unibanco will exchange all of the shares of Banco Itaú Chile in exchange for newly issued CorpBanca shares representing a 33.58% direct stake in the combined bank. Following the closing, the new Chilean Bank will acquire and control 100% of Itaú Colombia.

CorpBanca expects to receive all required regulatory and shareholder approvals by the end of the fourth quarter of 2014 and anticipates that closing will occur shortly thereafter.

Upon completion of the merger, the new Chilean Bank is expected to be the fourth largest private bank in Chile with $43 billion in assets, $33 billion in loans and $27 billion in deposits.

CorpBanca is Chile’s oldest operating private bank founded in 1871, with total consolidated assets of more than $35 billion. Itaú Unibanco is the largest private bank in Latin America and one of the largest banks in the world by market cap with a universal product offering and market-leading presence in Brazil.