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World Bank's IFC asks for review of Itau, CorpBanca deal
A girl walks past an Itau branch workplace inside Rio de Janeiro (Sergio Moraes Reuters,, / July 8, 2014)
3:13 p.m. CDT, July 8, 2014
SANTIAGO (Reuters) – The International Finance Corp (IFC), the World Bank’s private investment arm, is looking an independent analysis of Brazilian bank Itaú Unibanco Holding SA’s planned takeover of Chile’s CorpBanca, inside that the IFC holds a 5 % stake.
The IFC must provide its consent for the deal to materialize, CorpBanca mentioned inside a filing with Chile’s SVS securities regulator about Monday evening.
On Tuesday afternoon, the IFC mentioned inside an e-mailed comment to Reuters it “continues to analyze the proposed merger plus has not yet determined its position.”
CorpBanca mentioned inside a statement which the IFC “has requested an investment bank to evaluate the terms plus conditions of the deal.” This really is piece of the IFC’s analysis of “whether to provide (the deal) its consent, a prerequisite for the realization of the transaction,” the Chilean bank added.
The tie-up between territorial peers Itaú plus CorpBanca , that will be Latin America’s biggest banking combination because 2008, has absolutely confronted stiff resistance from minority shareholder U.S. investment fast Cartica Management LLC.
Cartica, that oversees regarding $ 2 billion inside assets plus owns regarding 3.2 % of CorpBanca’s popular shares, has argued which Itaú plus CorpBanca’s controlling shareholder, billionaire Alvaro Saieh, violated U.S. anti-fraud plus disclosure rules.
(Reporting by Anthony Esposito; Editing by Chizu Nomiyama)
