The board of Itaú CorpBanca approved on May 28 the acquisition of the Munita Cruzat y Claro SA C de B, brokerage and private banking unit from Itaú Unibanco Holding SA, as agreed upon by the companies in 2014, according to a company filing.

The board's approval to acquire the unit and related businesses, which is still subject to regulatory approval, comes considerably later than the terms specified in the transaction agreement signed in 2014, which stipulated for the transfer of shares to take place by Aug. 31, 2016.

The MCC stock brokerage firm includes in its financial services platform and other related firms specialized in wealth management for people in Chile.

The move allows the consolidation of Itaú's private banking in Chile, increasing the bank's offer in international investment possibilities for the market, bank sources reportedly told La Tercera.