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Chile's SBIF reduces disputed Itaú CorpBanca fine

Chilean banking regulator SBIF reduced a fine levied on Itaú CorpBanca in relation to loans granted to a group of companies linked to chemical firm Sociedad Quimica y Minera de Chile SA.

SBIF cut the fine to 5.99 billion Chilean pesos from 21.76 billion pesos, Itaú CorpBanca said in a filing.

In 2015, the regulator informed CorpBanca which merged with Banco Itaú Chile in 2016 to form Itaú CorpBanca that it would be fined for allegedly exceeding the limits on the loans given to Norte Grande SA, Potasios de Chile S.A. and Sociedad de Inversiones Pampa Calichera SA.

Chile's Court of Appeals later overturned the fine, saying that the regulator did not respect "due process" in its action. The decision was ratified by the Supreme Court of Chile in 2017.

According to Itaú CorpBanca, SBIF maintained that it would continue with its sanctions despite the previous rulings. In its latest resolution, the regulator rejected two of its three charges and came up with the reduced fine.

Itaú CorpBanca said it is reviewing SBIF's decision and studying the next legal steps to take.

As of Jan. 7, US$1 was equivalent to 679.92 Chilean pesos.