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Itaú CorpBanca elects new board following merger

Shareholdersof Itaú CorpBanca, thenew financial institution created by the merger of CorpBanca and Banco Itaú Chile,on April 11 elected a new board consisting of 11 directors and two alternates, thefirm said in a securities filing.

The chairmanwill be elected in a board meeting on April 14, Diario Financiero reported.

As establishedin the company's bylaws, Corp GroupBanking SA, which previously controlled CorpBanca, nominated three directors:Jorge Andrés Saieh Guzmán, Fernando Aguad Dagach and Jorge Selume Zaror.

In addition,the firm's new controller, Brazil's ItaúUnibanco Holding SA, tapped four directors: Ricardo Villela Marino,Boris Buvinic Guerovich, Candido Botelho Bracher, and Boris Nicolás Abovic Wiegand.

JoaoLucas Duchene, the nominee of minority shareholder International Finance Corp., was elected as an independentdirector, with Fernando Concha Ureta, Gustavo Arriagada Morales and Héctor ValdésRuiz also serving as independent directors.

CamiloMorales Riquelme and José Luis Mardones Santander are the two alternate directors.

ItaúCorpBanca CEO Milton Maluhy said he was "comfortable" with the resultof the election. "We had the opportunity to elect strong directors, peoplewith different experiences, in banking, in the market and regulators. This is verygood to support the process of our new project," Diario Financiero quoted the executive as saying.

The IFCwas also pleased with the result. "IFC welcomes the depth and breadth of expertiseof the new board that will lead this important regional banking actor," thefirm said an emailed statement.

CorpBancaabsorbed Banco Itaú Chile in a merger that was completed April 1.