World Bank units buy stake in Chile CorpBanca for $224.5 mln

SANTIAGO Thu Feb 7, 2013 4:58pm EST

SANTIAGO Feb 7 (Reuters) - Units of the World Bank have bought a stake in CorpBanca for a total of roughly $224.50 million as part of the Chilean bank's planned capital increase, the entity said on Thursday.

Corpbanca had said in October the World Bank's private investment arm, International Finance Corp (IFC), had agreed to buy a 5.0 percent stake in the bank.

IFC as well as IFC Capitalization Fund and IFC African, Latin America and Caribbean Fund subscribed to 16,998,586,200 shares issued by CorpBanca, the bank said in a statement to the Chilean regulator.

CorpGroup, CorpBanca's parent company, signed a deal last year to buy up to 100 percent of the shares of Colombia's Helm Bank for around $1.3 billion.

CorpBanca, Chile's fifth largest financial institution, planned a bond and share issue to fund the purchase.

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