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Itaú BBA Colombia transfers assets to Itaú CorpBanca Colombia as part of merger

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Itaú BBA Colombia transfers assets to Itaú CorpBanca Colombia as part of merger

Itaú CorpBanca said Itaú BBA Colombia SA Corporación Financiera will formally transfer assets, liabilities and contracts to Banco CorpBanca Colombia SA as a part of the acquisition of Itaú of the Colombian bank, according to a regulatory filing.

The transfer gained approval from Colombia's banking regulator Superintendencia Financiera and will take place June 16.

The merger of the Colombian units is part of the deal in January 2014 that saw Itaú CorpBanca in Chile acquire Banco Itaú Chile.

Álvaro Pimentel, CEO of the new Colombian Itaú unit, reportedly told La República Itaú would gradually increase its footprint in the country. "Starting in 2018, the Colombian operation will begin to adopt the Itaú Group's business and customer care model," Pimentel told the publication in April when the regulator approved the asset transfer.