Corpbanca Details Acquisition Funding

Corpbanca plans to raise CLP269bn ($549m) through the sale of 43bn shares at CLP6.25 each, to finance the acquisition of Santander’s Colombian assets. The capital increase was approved in April, for up to $650m-equivalent. The Chilean bank agreed to buy Santander’s Colombia unit in December for $1.16bn, a transaction with an implied multiple of about 2.7x book value. Corpbanca is aiming to complete the share sale by the end of June.