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World Bank’s IFC units acquire minority stake in CorpBanca for $224.5m

The International Finance Corp (IFC), a unit of the World Bank, has purchased a minority stake in Chilean lender in CorpBanca, in a deal estimated to be valued at $224.5m.

The stake acquisition is part of the Chilean bank strategy to increase capital in order to support its expansion in the region.

In October 2012, the lender said that World Bank’s private investment arm IFC has agreed to acquire a 5% shareholding in the bank, as reported by Reuters.

In a filing with the Chilean regulator, CorpBanca said that IFC along with IFC Capitalization Fund and IFC African, Latin America and Caribbean Fund have purchased 16,998,586,200 shares issued by the bank.

In October last year, CorpGroup, CorpBanca’s parent company, inked an agreement to acquire up to 100% of the shares of Colombia’s Helm Bank for approximately $1.3bn, marking one of the largest offshore acquisition by a Chilean financial company.