GlobeNewswire

New alliance between Itaú and Rappi will convey larger monetary inclusion to Chile

With such a pioneer initiative, monetary entry to digital options for people might be expanded in Chile on the again of the expertise and assist of each Itaú and RappiSANTIAGO, Chile, March 29, 2021 (GLOBE NEWSWIRE) — ITAÚ CORPBANCA (NYSE: ITCB; SSE: ITAUCORP) at present introduced a brand new alliance with Rappi that can convey larger monetary inclusion to Chile. This initiative is backed-up on the expertise and assist of each Itaú and Rappi. This settlement goals to revolutionize the native monetary market with easy, modern and distinctive digital merchandise, permitting an growing variety of people to entry new monetary options in an agile and digital manner. With this initiative, Itaú and Rappi search to democratize monetary companies, promote larger inclusion and, on the identical time, less complicated and sooner digitization that brings broad advantages to customers. “At Itaú we need to be the place our shoppers want us and we’re thrilled to supply them new, easy, helpful and reachable platforms, making their day-to-day simpler and strolling them by means of their monetary wants. Each Itaú and Rappi are acknowledged digital gamers, and this alliance will permit us to succeed in an growing variety of people,” stated Gabriel Moura, Itaú Corpbanca CEO. “This alliance is a good step in direction of a metamorphosis of the native monetary system, by means of collaborative work between two firms which might be specialists in what they do and which have a give attention to the digitization of processes and companies. Innovation is a part of our entrepreneurial DNA and along with Itaú we are going to now additionally supply monetary options,” stated Isaac Cañas, CEO of Rappi Chile. In keeping with Itaú and Rappi, they count on the brand new supply of digital monetary services to be obtainable through the third quarter of this yr, by means of this new enterprise mannequin ensuing from this alliance. About Itaú Corpbanca ITAÚ CORPBANCA (NYSE: ITCB; SSE: ITAUCORP) is the entity ensuing from the merger of Banco Itaú Chile with and into Corpbanca on April 1, 2016. The present possession construction is: 39.22% owned by Itaú Unibanco, 27.16% owned by the Saieh Household and 33.29% owned by minority shareholders. Itaú Unibanco is the only real controlling shareholder of the merged financial institution. Inside this context and with out limiting the above, Itaú Unibanco and CorpGroup have signed a shareholders’ settlement regarding company governance, dividend coverage (primarily based on efficiency and capital metrics), switch of shares, liquidity and different issues. The financial institution is the fifth largest non-public financial institution in Chile and as per its mandate is the banking platform for future growth in Latin America, particularly in Chile, Colombia and Peru. Itaú Corpbanca is a business financial institution primarily based in Chile with extra operations in Colombia and Panama. As well as, Itaú Corpbanca has a department in New York and a consultant workplace in Lima. Centered on giant and medium sized firms and people, Itaú Corpbanca gives common banking merchandise. In 2012, the financial institution initiated a regionalization course of and as of the date hereof has acquired two banks in Colombia ‒Banco Corpbanca Colombia and Helm Financial institution‒ changing into the primary Chilean financial institution with banking subsidiaries overseas. The merger with Banco Itaú Chile and the enterprise mixture of our two banks in Colombia, signify the continued success of our regionalization course of. As of December 31, 2020, based on the Chilean Monetary Market Fee, Itaú Corpbanca was the fifth largest non-public financial institution in Chile by way of the general dimension of its buyer mortgage portfolio, equal to 9.9% market share. As the identical date, based on the Colombian Superintendency of Finance, Itaú Corpbanca Colombia was the eighth largest financial institution in Colombia by way of whole loans and nineth by way of whole deposits, as reported beneath native regulatory and accounting rules. As of December 31, 2020, its market share by loans reached 4.0%. About Rappi Rappi is an excellent App that fulfills the function of being the non-public assistant and making life simpler for its customers. It was based by Colombians Simón Borrero (CEO), Sebastián Mejía and Felipe Villamarín in Bogotá in 2015. In March 2016, it joined Y Combinator, the world’s largest know-how firm accelerator and was the primary firm to succeed in a million orders delivered in Latin America. Within the second half of 2018, Rappi was acknowledged as a unicorn firm, valued at US$1.0 billion. In 2019 they obtained an funding of as much as US$1.0 billion from SoftBank Group Corp. and the SoftBank Imaginative and prescient Fund. This funding has been the most important of its variety for a know-how firm primarily based in Latin America. Rappi has been current in Chile since June 2018, along with having a presence in Colombia, Mexico, Costa Rica, Brazil, Ecuador, Uruguay, Argentina and Peru. Investor Relations – Itaú Corpbanca +56 (2) 2660-1701 / IR@itau.cl / ir.itau.cl

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