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Itaú ups stake in Chile's Itaú CorpBanca

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Itaú ups stake in Chile's Itaú CorpBanca

Brazil's Itaú Unibanco Holding SA increased its stake in Chile-based Itaú CorpBanca to about 38.14% by acquiring about 365 million reais in shares.

Itaú, through its unit ITB Holding Brasil Participações Ltda., indirectly purchased 10,651,555,020 shares of the Chilean bank, composed of 100% of the capital stock of Saga II SpA and Saga III SpA.

The transaction was a result of the exercise of a put option by Corp Group, a shareholder in Itaú CorpBanca, in line with the shareholders' agreement of the Chilean bank.

Itaú previously held a 36.06% stake in Itaú CorpBanca. The acquisition had no effect on Itaú CorpBanca's governance, and has been given all required regulatory approvals.

As of Oct. 12, US$1 was equivalent to 3.78 reais.