IFC Takes Corpbanca Stake

The IFC continues its investments in expanding LatAm financial groups, agreeing to spend $225m on an about 5% stake in Chile’s Corpbanca, according to a spokeswoman. The IFC expects to complete the buy by the end of the year or early 2013. The investment should help Corpbanca grow in Latin America, particularly in its service to small and medium enterprises, it says. Mexico, Peru and Brazil are among the countries of interest to Corpbanca in terms of expanding its reach. The IFC has made other equity investments in LatAm financial groups with cross-border expansion plans. It took a $200m position in Colombia’s Suramericana last year to aid with the groups purchase of ING pension assets, and also has a position in Davivienda. CorpBanca bought the Santander unit in Colombia for $1.16bn earlier this year.