SANTIAGO, CHILE — (Marketwire) — 02/20/13 — CorpBanca (NYSE: BCA) raised more than $620 million in connection with an increase in capital through the issuance of 47,000,000,000 new common shares. All of such common shares were subject to a preemptive rights offering under Chilean law, which ended on February 14, 2013. With less than 24 hours after the closing of such preemptive rights period, CorpBanca completed 100% of the abovementioned capital increase.
As of February 14, 2013, CorpBanca-s shareholders exercised their respective preemptive rights and subscribed and paid for 46,530,847,210 common shares (99% of the total capital increase) at an offering price of Ch$6.25 per common share; and as of February 15, 2013, the remaining 469,152,790 common shares (1% of the total capital increase) were subscribed through an auction at the Santiago Stock Exchange at an offering price of Ch$6.87 per common share.
Approximately 26% of the capital increase was successfully placed in the international market, which resulted in new shareholders from the United States, England and Brazil joining CorpBanca-s ownership stake.
CorpBanca-s chief executive officer, Fernando Massú, indicated that “the massive subscription of preemptive rights is a testament to the confidence our shareholders have in the bank-s achievements during the last few years and its growth plans. This is further evidenced by high-demand by local and foreign investors- interest in becoming a part of our expansion project.”
The capital increase also involved the joining of strategic and long-term shareholders to CorpBanca-s ownership structure. During the above mentioned preemptive rights period, International Finance Corporation (IFC) — member of the World Bank Group — subscribed and paid for a total of 16,998,586,200 common shares issued by CorpBanca in the amount of approximately US$225 million. Santo Domingo Group also increased its ownership in CorpBanca-s equity to 2.9%.
With this capital increase, CorpBanca maintains a solid equity base to finance its growth plan for 2013. CorpBanca-s controlling group also demonstrated its commitment to minority shareholders, generated better liquidity in CorpBanca-s common shares, diversified the shareholder base and strengthened the ADR program.
Image Available:
CFO, CorpBanca
Santiago, Chile
Phone: (562) 2660-2555
Manager Investor Relations, CorpBanca
Santiago, Chile
Phone: (562) 2660-2699