SANTIAGO, Chile, Oct. 22, 2021 (GLOBE NEWSWIRE) -- ITAÚ CORPBANCA (NYSE:ITCB, SSE: ITAUCORP))) (the "Company") commenced a statutory preemptive rights offering (the "Statutory Preemptive Rights Offering") relating to an offering of rights (the "Rights") entitling holders of the Company's outstanding common shares, including shares represented by American Depository Shares, to acquire an aggregate of 461,111,111,111 of the Company's common shares. As of the record date of the Statutory Preemptive Rights Offering, Corp Group Banking S.A. ("CorpGroup") and its affiliates held approximately 27% of the Company's outstanding common shares and is entitled to a corresponding amount of Rights. However, CorpGroup's ability to exercise such Rights is subject to the oversight and approval of the United States Bankruptcy Court for the District of Delaware (the "Court") due to CorpGroup being subject to the Court's oversight and jurisdiction as a result of CorpGroup having filed for protection under the United States Bankruptcy Code on June 25, 2021.

CorpGroup has filed a request with the Court to allow CorpGroup to sell its Rights. Pursuant to the order of the Court dated October 20, 2021, CorpGroup will offer for sale 10.6% of its Rights in an auction in Chile (subasta), and the remaining 16.56% will be transferred to creditors of CorpGroup, including affiliates of Itaú Unibanco Holding S.A., the Company's controlling shareholder.

In connection with the auction, on October 20, 2021, CorpGroup informed us that it had appointed BTG Pactual Chile S.A. Corredores de Bolsa and Larrain Vial S.A. Corredora de Bolsa to facilitate the sale of CorpGroup's Rights in such auction, for which they will receive customary fees. The auction is expected to commence on Friday, October 22, 2021 and conclude on Tuesday, October 26, 2021. Banco BTG Pactual S.A.— Cayman Branch, together with its affiliates, and Larrain Vial S.A. Corredora de Bolsa are also acting as dealer managers in connection with the Statutory Preemptive Rights Offering and may also act as placement agents with respect to any Company common shares that are not subscribed for in the Statutory Preemptive Rights Offering.

The Company is not involved in the auction or the distribution to creditors of CorpGroup's Rights and can offer no assurances that appeals will not be filed by creditors and other interested third parties in connection with the auction, creditor distribution or the Court's approval thereof.

Cautionary Statement Concerning Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of the Company. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements for a number of reasons as described in the Company's SEC filings, including those set forth in the Risk Factors section and under the heading "Cautionary Language Regarding Forward-Looking Statements" in the Company's annual report on Form 20-F for the fiscal year ended December 31, 2020.

You are cautioned not to place undue reliance on the Company's forward-looking statements. The Company's forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. The Company does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.

Contact Information

For further information, please contact:

ITAÚ CORPBANCA

Rosario Norte 660

Las Condes

Santiago, Chile

Attention: Investor Relations

Telephone Number: +562-2660-1751

The press release is also available on the company's investor relations website at ir.itau.cl.

About Itaú Corpbanca

ITAÚ CORPBANCA (NYSE:ITCB, SSE: ITAUCORP))) is the entity resulting from the merger of Banco Itaú Chile with and into Corpbanca on April 1, 2016. As of September 28, 2021, the ownership structure was: 39.22% owned by Itaú Unibanco, 27.16% owned by the Saieh Family and 33.62% owned by minority shareholders. Itaú Unibanco is the sole controlling shareholder of the merged bank. Within this context and without limiting the above, Itaú Unibanco and CorpGroup have signed a shareholders' agreement relating to corporate governance, dividend policy (based on performance and capital metrics), transfer of shares, liquidity and other matters.

The bank is the fifth largest private bank in Chile and as per its mandate is the banking platform for future expansion in Latin America, specifically in Chile, Colombia and Peru. Itaú Corpbanca is a commercial bank based in Chile with additional operations in Colombia and Panama. In addition, Itaú Corpbanca has a branch in New York and a representative office in Lima. Focused on large and medium sized companies and individuals, Itaú Corpbanca offers universal banking products. In 2012, the bank initiated a regionalization process and as of the date hereof has acquired two banks in Colombia ‒Banco Corpbanca Colombia and Helm Bank‒ becoming the first Chilean bank with banking subsidiaries abroad. The merger with Banco Itaú Chile and the business combination of our two banks in Colombia, represent the continued success of our regionalization process.

As of June 30, 2021, according to the Chilean Financial Market Commission, Itaú Corpbanca was the fifth largest private bank in Chile in terms of the overall size of its customer loan portfolio, equivalent to 9.8% market share. As of the same date, according to the Colombian Superintendency of Finance, Itaú Corpbanca Colombia was the eighth largest bank in Colombia in terms of total loans and ninth in terms of total deposits, as reported under local regulatory and accounting principles. As of June 30, 2021, its market share by loans reached 4.0%.

Investor Relations – Itaú Corpbanca

+56 (2) 2660-1701 / IR@itau.cl / ir.itau.cl

Itaú Corpbanca Announces Sale of Certain Rights by CorpGroup