To finance the transaction, CorpBanca Colombia undertook an equity capital increase of almost $1bn, while the remaining purchase price was satisfied through Corpbanca Colombia’s own resources.
After closing of the transaction, the acquired entity will be integrated with and into CorpBanca Colombia, which will enable the firm to unite its Colombian operations.
Upon integration with Helm Bank, Banco CorpBanca Colombia will have over $11.75bn in assets, $8.53bn in loans and nearly $7.87bn in total deposits.
The transaction completed on 6 August 2013, following approvals from the concerned regulators in Chile, Colombia, Panamá and the Cayman Islands.
As part of the deal, CorpBanca will maintain its controlling position in CorpBanca Colombia with a 66.4% stake, while Helm Corporation will obtain 20.9% of the equity.
CorpBanca Colombia has acquired 51.6% of the total shares of Helm Bank, acquiring control over the bank and its subsidiaries Helm Comisionista de Bolsa, Helm Fiduciaria, Helm Bank (Panamá), Helm Casa de Valores (Panamá), and Helm Bank (Caymán Islands).
Established in 1871, CorpBanca delivers an array of commercial and retail banking services to its customers in Colombia through its subsidiary CorpBanca Colombia, operating principally in the cities of Bogotá, Medellín, Cali, Bucaramanga and Barranquilla.
