Itaú (Chile) Operations and Bank Services Overview

Itaú (Chile) is a well-established bank in Chile, with a long history dating back to 1943 when it was founded by a group of entrepreneurs.

The bank has undergone significant transformations over the years, including a merger with Banco Sudameris in 2006. This merger expanded Itaú's operations and customer base in Chile.

Itaú (Chile) operates a network of over 200 branches across the country, providing a wide range of services to its customers.

Itaú (Chile) has a significant history that's worth exploring.

The bank's history took a major turn in 2014 with the confirmation of its merger with Itaú's local operation.

This merger involved an increase in capital of $652 million from the Brazilian bank.

The merged entity would be named Itaú Corpbanca, with Corpbanca absorbing Banco Itaú Chile.

However, the bank's ownership structure underwent a significant change in 2022.

Álvaro Saieh, the bank's previous owner, sold his stake to Itaú Unibanco, the Brazilian parent company.

This sale increased Itaú Unibanco's ownership to 65.62% of the bank.

The change in ownership led to the elimination of the Corpbanca name, and the bank was renamed Itaú.

Itaú Unibanco continued to increase its ownership stake, reaching 67.42% by October 2024.

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Itaú (Chile) operates a nationwide network of branches across the country. As of December 31, 2005, Corpbanca, which later became Itaú, had 68 branches in Chile.

The bank's network includes 28 branches operating under the CorpBanca name, 20 branches under the Bancondell name, and 20 integrated branches operating under both names. This extensive network provides customers with easy access to banking services.

Itaú's customers have access to over 4,000 ATMs in Chile through its agreement with Redbanc S.A. (Redbanc), making banking convenient and efficient.

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Corpbanca merged with Itaú's local operation in 2014, with Itaú increasing its capital by $652 million.

This move led to Corpbanca absorbing Banco Itaú Chile, which would then be renamed Itaú Corpbanca.

The merger was subject to approval by the Joint Extraordinary Shareholders' Meetings of CorpBanca and Banco Itaú Chile.

Corpbanca's founder Álvaro Saieh faced financial difficulties in 2021 and filed for Chapter 11 bankruptcy protection in the US.

He sold his stake in Corpbanca to Itaú Unibanco in 2022, giving the Brazilian parent company a 65.62% ownership stake.

Itaú Unibanco later acquired the remaining 34.38% of Corpbanca, eliminating the name "Corpbanca" and reducing the number of directors.

Today, Itaú Unibanco owns 67.42% of the Chilean subsidiary, following a series of transactions that culminated in the full acquisition of Corpbanca.

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Itaú CorpBanca has a presence on the New York Stock Exchange, listing for the first time on November 1, 2004.

As of December 31, 2005, the bank had a significant network of 68 branches across Chile, with 28 operating under the CorpBanca name, 20 under Bancondell, and 20 integrated branches operating under both names.

The bank owned and operated 108 automated teller machines (ATMs) in Chile as of December 31, 2005.

Itaú CorpBanca's customers have access to over 4,000 ATMs in Chile through its agreement with Redbanc S.A.

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Itaú launched a digital bank in Chile, called "itu". The app is based on simplicity, transparency, and financial education.

The "itu" app has a customizable homepage and a "caixinhas" tool to separate money for specific goals, nicknamed "chanchitu", a play on the Spanish word for "porquinho" or piggy bank.

The account won't charge a maintenance fee until June 30th, and the fee-free period may continue depending on usage.

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Itaú's digital bank in Chile is similar to its Brazilian counterpart, "iti", which was launched in 2019 and had over 18 million clients by mid-2022.

The "itu" app seems to be a new direction for Itaú, as the company's CEO, Milton Maluhy Filho, mentioned a new super app, called One Itaú, which will be launched in the first quarter of 2024.