trending Market Intelligence /marketintelligence/en/news-insights/trending/JOO0dc-gRkQgTEudvrH2tw2 content esgSubNav
In This List

CorpBanca Colombia strikes deal to end securities investigation


Banking Essentials Newsletter: 17th April Edition


Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

CorpBanca Colombia strikes deal to end securities investigation

Banco CorpBanca Colombia SA agreed to pay a fine of 90 million Colombian pesos as part of an agreement with Colombia's securities market self-regulator that will end an investigation into alleged irregularities in the bank's trading activities.

As part of the early termination agreement, the bank agreed to adopt measures to "remove the causes" of the events that triggered the investigation, and fired executives involved in the alleged irregularities, the bank said.

The Autorregulador del Mercado de Valores, or AMV, had launched an investigation into the bank in late 2016 after detecting irregularities in derivatives trading that bolstered CorpBanca's profits between 2012 and March 2016, according to local reports.

Meanwhile, CorpBanca Colombia's parent company, Chile-based Itaú CorpBanca, is facing a lawsuit in the U.S. related to the merger between Itaú Chile SA and CorpBanca, which was completed in early 2016.

Helm LLC recently filed a lawsuit in New York and a request for arbitration against the bank, alleging contractual breaches related to the merger and seeking to block Itaú CorpBanca's acquisition of CorpBanca Colombia shares held by Chilean businessman Álvaro Saieh.

Itaú CorpBanca said it believes the lawsuit is "without merit," but ultimate parent company Itaú Unibanco Holding SA said separately that it would postpone the deadline for the acquisition of some CorpBanca Colombia shares.

As of Jan. 24, US$1 was worth 2,931.67 Colombian pesos.