Saieh Seeks CorpBanca Merger

CorpBanca is studying a possible merger with a local or foreign bank, it says. “CorpBanca is analyzing, with the assistance of international investment banks, a possible transaction that involves the bank in a business tie-up with national or foreign operators,” it says. The deal would be structured as a share swap. CorpBanca, which has banking operations in Chile and Colombia, said on Friday that no decision or agreement had yet been made, nor had the structure of any deal been decided. It does not name any potential partners. Controller Alvaro Saieh has been seeking to raise cash since his SMU retail operation breached debt covenants earlier this year.