Corpbanca Plans Capital Raise

Chile’s Corpbanca has called a January 27 shareholder meeting to propose a capital increase equivalent to $750m, or about 15% of the bank’s value. It plans to issue 40bn shares. The bank closed last week at CLP8.7. In September, it emerged that Corpbanca was in preliminary talks to sell a minority stake of no more than 10% to Banco do Brasil via a capital increase. Celfin estimates that as of July, Corpbanca had $1bn book value and annualized return on average assets of 20%.