Chilean bank Corpbanca SA's (BCA, CORPBANCA.SN) shareholders on tuesday approved a $650 million capital increase, corresponding to the issue of 48 billion new shares, to finance the acquisition of Banco Santander SA's (STD) Colombian assets.
Corpbanca, Chile's fourth largest bank in terms of loans, aims to grow in the region and highlighted Colombia's attractive growth rates in recent years to justify an acquisition in that country.
Santander Colombia's price tag was $1.23 billion, which will be financed with Corpbanca's own resources and proceeds from the capital increase, general manager Fernando Massu said at the bank's extraordinary shareholders meeting.
The capital increase will take place in may and will be preceded by a roadshow in Chile and abroad, said Massu.
Corpbanca will enter the Colombian market in a partnership with local conglomerate Grupo Santo Domingo.
The acquisition of Santander Colombia is expected to conclude in July, said Massu.
Santander Colombia has a 3% market share.
Corpbanca plans to duplicate its Colombian unit's market share by 2.015, Massu added.
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