Under the agreement, Corp Group Interhold, through which Saieh Group controls CorpBanca and other financial companies, will buy at least a 2.85% of the BSC’s remaining 5% stake.
The purchase will be financed by CorpBanca’s resources and a $450m capital increase, making it the first Chilean financial services company to own a foreign bank.
According to CorpBanca, the acquisition will support Chilean companies to expand through Latin America as well as participation in the emerging Colombian banking industry.
The agreement is subject to regulatory approval in Chile and Colombia and is expected to close during the first half of 2012.
BSC had $4bn in total assets and more than $2.57bn in loans, 70% of that in commercial loans and 30% in retail loans as of 30 September 2011.
CorpBanca is Chile’s fourth largest private bank in loans and deposits, with shares market of 7.5% and 7.2% in October 2011, respectively.
