Itau Unibanco Holding SA, Latin America’s biggest bank by market value, agreed to buy control of Chile’s Corpbanca in a deal worth at least $2.85 billion in cash and stock.
Itau will inject $652 million of capital and merge its Chilean and Colombian units with Corpbanca, according to a statement today. Itau will receive 172 billion new shares in Corpbanca — worth $2.2 billion based on yesterday’s closing price — and get a 33.58 percent controlling stake through a shareholder agreement with CorpGroup, the holding company of billionaire Alvaro Saieh and his family.
The deal will turn Itau into the fourth-biggest bank in Chile, up from seventh now. Brazilian banks including Itau and Banco do Brasil SA are seeking foreign assets as the nation’s economic growth slows. Brazil will probably grow 2.1 percent in 2014, lagging behind a 4.2 percent rate for Chile and 4.5 percent for Colombia, according to analysts polled by Bloomberg.
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