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Company Update: Itau-Corpbanca - Corpbanca to get a bigger share of the Andean - Maintaining HOLD recommendation Price: CLP 6.07; Target Price: CLP 7.38

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January 30, 2014 (www.investorideas.com newswire) Itau and Corpbanca have entered into a definitive agreement to merge Banco Itau Chile with Corpbanca through a 100% share deal, creating a new legal entity, Itau Corpbanca. As a result of the deal, we are setting a new 2014E T.P. of 7.4. Our positive view is based on i) attractive valuation of 2014E P/B of 1.4x and P/E of 11x ii) and expected synergies and scale Itau brings to the deal.

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General deal structure. Itau will inject USD 652mn in its Chilean operations, which will be absorbed by Corpbanca, forming Itau Corpbanca. Itau will control the new bank with 33.6% ownerships of common shares while Corp Group will retain 32.9% while 33.5% will remain in the hands of minority shareholders. Following the transaction, Itau Corpbanca will acquire the 33.6% outstanding shares of Corpbanca Colombia (66% currently controlled by Corpbanca) for USD 894mn. The Chilean bank will have 11 directors while Corpbanca Colombia will maintain 9. Jorge Andres Saieh will assume the presidency of board while Boris Buvinic, current CEO of Itau Chile, will become the CEO of the new bank. The deal is subject to regulatory approval and is expected to close by year end 2014.

Regards,
Credicorp Capital

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