Banco Itaú Corpbanca

Banco Itaú Corpbanca is a Chilean commercial banking institution headquartered in Santiago and operating under the Itaú brand. It is the Chilean banking business of Brazil-based Itaú Unibanco and traces its institutional history to Banco de Concepción, which began operations on October 6, 1871. The bank therefore presents a long local lineage while forming part of one of Latin America’s largest financial groups. The institution’s history reflects the consolidation and restructuring of Chile’s banking sector. Banco de Concepción expanded beyond its home city through the acquisition of the local interests of Banco Francés and Italiano in 1971, followed by the purchases of Banco de Chillán in 1972 and Banco de Valdivia in 1975. During the period of nationalization of private banking in Chile, ownership passed to CORFO. Shares were subsequently returned to private control in the mid-1970s. In 1980, the bank adopted the name Banco Concepción, repositioned itself as a nationwide institution, and transferred its headquarters from Concepción to Santiago. In 1986, the National Mining Society, commonly known as SONAMI, acquired the bank. Under this ownership, the institution concentrated particularly on financing small and medium-sized mining projects, while also increasing capital and transferring a riskier portfolio to the Central Bank. In 1995, SONAMI sold majority control to investors led by Álvaro Saieh through INFISA, now associated with Corp Group. The new controlling group pursued a restructuring and repositioning program intended to make the bank more competitive with Chile’s leading financial institutions. As part of that strategy, Banco Concepción was renamed Corpbanca. The bank targeted personal finance, middle-income customers, and small and medium-sized enterprises. It also sought a stronger presence in mass-market consumer finance. Acquisitions of Corfinsa, the consumer-loan division of Banco Sudamericano, and Financiera Condell led to the formation of Bancondell in 1998. The repositioning was followed by strong loan growth and a return from losses in 1999 to an adequate return on equity from 2001 onward, according to the cited historical account. Corpbanca also pursued capital-market and international expansion. In 2002 it issued shares in Chile for approximately US$250 million, becoming the first issuer to place instruments in the local Emerging Stock Market. In 2004 it completed the listing of American depositary receipts on the New York Stock Exchange. The bank later merged with Banco Itaú Chile in 2014. Itaú Unibanco completed the acquisition of control on April 1, 2016, holding 66.7% while minority shareholders retained the balance, and the institution adopted the name Itaú Corpbanca. The bank provides retail and commercial banking, including lending, deposits, payments, and related financial services. Through subsidiaries and affiliated businesses, its scope has also included financial advice, mutual-fund management, insurance brokerage, and securities brokerage. The operating footprint described in the reference material includes a nationwide Chilean branch network, a Colombian presence, and offices in Lima, Madrid, Miami, and New York City. In 2023, the bank was reported as having 168 branches in Chile and 68 in Colombia. Its positioning combines local Chilean banking capabilities, a broad corporate and retail offering, and access to the resources and regional reach of Itaú Unibanco.

Banco Itaú Corpbanca’s institutional history begins in Concepción in 1871. A group of local residents led by Aníbal Pinto prepared the statutes for Banco de Concepción, which commenced business on October 6 of that year. The institution continued operating through successive changes in ownership, branding, and strategic direction and is described in the reference material as Chile’s oldest continuously operating bank. In 1971, during the nationalization of private banking in Chile, the bank came under the control of CORFO. It also acquired the Chilean interests of Banco Francés and Italiano, giving it a presence in Santiago. The bank expanded through the acquisition of Banco de Chillán in 1972 and Banco de Valdivia in 1975. Later that year, CORFO sold shares to private investors, who assumed control in 1976. In 1980, the institution was redefined as a nationwide bank, changed its name to Banco Concepción, and moved its headquarters from Concepción to Santiago. The National Mining Society, or SONAMI, acquired the bank in 1986. Its ownership period emphasized financing for small and medium-sized mining projects. SONAMI increased the bank’s capital and transferred a riskier portfolio to the Central Bank. In November 1995, it sold majority control to a group of investors led by Álvaro Saieh through INFISA, a holding company subsequently associated with Corp Group. The new shareholders initiated a restructuring and repositioning plan. The bank sought to compete more effectively with Chile’s leading institutions by focusing on personal finance, middle-income customers, and small and medium-sized businesses. In the first quarter of 1997, shareholders reached an agreement with Chile’s Central Bank regarding the extinguishment of subordinated debt dating from the early 1980s. The institution changed its name from Banco Concepción to Corpbanca as part of the repositioning. Corpbanca entered mass-market consumer finance through the acquisition of Corfinsa, the consumer-loan division of Banco Sudamericano, and Financiera Condell. These transactions produced Bancondell in 1998. The strategy was followed by substantial loan growth during the subsequent seven years. After recording losses in 1999, the bank reported an adequate return on equity from 2001, according to the cited historical account. The bank also developed its capital-markets profile. In November 2002, Corpbanca issued approximately US$250 million of shares in Chile’s Emerging Stock Market, described in the reference material as the first issuance of instruments by an issuer in that market. On November 1, 2004, it listed American depositary receipts on the New York Stock Exchange. Corpbanca merged with Banco Itaú Chile in 2014. Itaú Unibanco completed the acquisition of control on April 1, 2016, owning 66.7% of the combined institution while minority shareholders retained the remainder. The bank subsequently operated as Itaú Corpbanca. Its modern business covers retail and commercial banking, with additional advisory, asset-management, insurance-brokerage, and securities-brokerage activities through subsidiaries or related operations. The reference material describes a Chilean branch network and a Colombian operation, together with offices in Lima, Madrid, Miami, and New York City. As of 2023, it reported 168 branches in Chile and 68 in Colombia. Earlier historical data records 68 Chilean branches and 108 ATMs at the end of 2005, with branches operating under Corpbanca, Bancondell, or integrated names. Customers also had access to more than 4,000 ATMs in Chile through an agreement with Redbanc.

1. 2016Itaú Unibanco assumes control

   Itaú Unibanco completed its acquisition of control on April 1 and the bank adopted the Itaú Corpbanca name.

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2. 2014Merger with Banco Itaú Chile

   Corpbanca merged with Banco Itaú Chile, creating the institutional basis for the later Itaú Corpbanca structure.

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3. 2004New York Stock Exchange ADR listing

   The bank completed the listing of American depositary receipts on the New York Stock Exchange.

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4. 2002Emerging Stock Market share issuance

   Corpbanca issued approximately US$250 million of shares in Chile’s Emerging Stock Market.

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5. 1998Bancondell is formed

   Acquisitions of Corfinsa and Financiera Condell created Bancondell and expanded consumer-finance operations.

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6. 1997Banco Concepción becomes Corpbanca

   The bank changed its name to Corpbanca during a restructuring and strategic repositioning program.

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7. 1995Corp Group-related investors acquire control

   SONAMI sold majority ownership to investors led by Álvaro Saieh through INFISA.

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8. 1986SONAMI acquires the bank

   The National Mining Society acquired the bank and emphasized financing for small and medium-sized mining projects.

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9. 1980National-bank repositioning

   The institution adopted the name Banco Concepción, moved its headquarters to Santiago, and positioned itself as a nationwide bank.

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10. 1975Acquisition of Banco de Valdivia

    The bank acquired Banco de Valdivia and later that year began returning to private ownership through a CORFO share sale.

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11. 1972Acquisition of Banco de Chillán

    Banco de Concepción expanded its network by purchasing Banco de Chillán.

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12. 1971Nationalization and Santiago expansion

    The bank came under CORFO control during nationalization and acquired the Chilean interests of Banco Francés and Italiano, creating a presence in Santiago.

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13. 1871Banco de Concepción begins operations

    Banco de Concepción began business in Concepción on October 6, establishing the institutional lineage of the later Itaú Corpbanca.

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A full-service Chilean bank combining a long domestic operating history with the regional scale and resources of Itaú Unibanco. Its historical strategic focus has included personal finance, middle-income customers, small and medium-sized enterprises, commercial banking, and selected capital-markets and advisory services.

• Retail bankingConsumer banking

  The bank’s retail business serves individual customers through transaction accounts, deposits, payment services, personal lending, and other everyday banking products. Its historical repositioning specifically targeted personal finance and middle-income customers, while its branch and ATM access supported nationwide distribution in Chile.

• Commercial bankingBusiness banking

  Commercial banking serves companies and institutions through lending, deposits, cash-management capabilities, and related financial services. Small and medium-sized enterprises became an explicit target of the bank’s strategy after the change in control during the 1990s.

• Consumer financeConsumer lending1998

  The bank developed a mass-market consumer-finance platform through Corfinsa and Financiera Condell. Their integration resulted in Bancondell in 1998, giving the institution a dedicated historical vehicle for serving lower- and middle-income consumer borrowers.

• Financial advisory and capital-markets servicesFinancial services

  Through subsidiaries and related operations, the institution has provided financial advisory, mutual-fund management, insurance brokerage, and securities brokerage. These activities broaden its role beyond deposit-taking and lending into investment and intermediary services.

• 2016Itaú Unibanco acquisition of controlM&A

  Following the merger with Banco Itaú Chile, Itaú Unibanco completed the acquisition of control of the Chilean institution.

  What changed. On April 1, Itaú Unibanco acquired a 66.7% controlling interest; minority shareholders retained the remainder, and the bank was renamed Itaú Corpbanca.

  Aftermath. The bank became the Chilean subsidiary of Itaú Unibanco while retaining its local commercial and retail banking operations.

  Ownership stake held by Itaú Unibanco. 66.7% (April 1, 2016)

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• 2014Merger with Banco Itaú ChileM&A

  The Chilean banking operations associated with Corpbanca and Itaú were consolidated as part of a broader strategic combination.

  What changed. Corpbanca merged with Banco Itaú Chile.

  Aftermath. The merger created the platform later controlled by Itaú Unibanco and operating under the Itaú Corpbanca name.

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• 1998Expansion into mass-market consumer financeM&A

  The repositioned bank wanted to build a stronger presence among lower- and middle-income consumer borrowers.

  What changed. Corpbanca acquired Corfinsa, the consumer-loan division of Banco Sudamericano, and Financiera Condell, combining them into Bancondell.

  Aftermath. The transactions established a dedicated consumer-finance platform within the group.

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• 1997Rebranding and strategic repositioning as CorpbancaStrategy

  After investors led by Álvaro Saieh acquired majority control, the bank sought to compete more effectively with larger Chilean institutions and address its historical financial structure.

  What changed. The institution changed its name from Banco Concepción to Corpbanca and focused on personal finance, middle-income customers, and small and medium-sized companies. Shareholders also reached an agreement with the Chilean Central Bank concerning subordinated debt from the early 1980s.

  Aftermath. The strategy was followed by increased loan growth and a return from losses in 1999 to an adequate return on equity from 2001, according to the cited historical account.

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• 2016Itaú Unibanco takes control of Itaú Corpbanca

  Itaú Unibanco completed the acquisition of control on April 1, 2016. The Brazilian group held 66.7% of the bank, with the remaining ownership held by minority shareholders, and the institution operated under the Itaú Corpbanca name.

  M&ALeadership change
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• 2004Corpbanca completes New York Stock Exchange ADR listing

  Corpbanca completed the listing of American depositary receipts on the New York Stock Exchange, extending its access to international capital markets.

  Other
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• 1998Corpbanca expands consumer-finance operations through Bancondell

  The acquisition of Corfinsa and Financiera Condell led to the formation of Bancondell and strengthened the bank’s presence in mass-market consumer finance.

  M&A
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• 1997Banco Concepción is renamed Corpbanca during strategic repositioning

  Following the change in controlling shareholders and an agreement concerning the bank’s subordinated debt, Banco Concepción adopted the Corpbanca name as part of a broader restructuring and repositioning program.

  Other
  Source

1. Itaú (Chile)
2. Itaú Chile official website