Billionaire Alvaro Saieh is close to finalising a merger for Chile's CorpBanca SA , in which he holds a controlling stake, three sources told Reuters on Wednesday, with Spain's Banco Bilbao Vizcaya Argentaria SA and Brazil's Itau Unibanco Holding SA the frontrunners.The bidders want to purchase a stake that is big enough to allow for control of the bank, said two of the sources, who declined to be identified because the transaction is private. Saieh, who owns about 54 percent of CorpBanca's capital, wants to remain a relevant shareholder in the merged bank."There has been no decision in respect of whether the deal will involve shares, cash or both. The only thing that is clear so far is that the formula being discussed is one of co- control" for Saieh, said a third source with direct knowledge of the talks.Santiago-based CorpBanca, Chile's fourth-largest bank, which also operates in Colombia, said in a securities filing last week that it was considering a merger with a local or foreign bank. Colombia-born Saieh is seeking to raise cash since an accounting error led SMU, the retail company of his CorpGroup conglomerate, to breach debt covenants earlier this year.
Banco Bilbao Vizcaya Argentaria SA (BBVA) is a Spain-based international financial group. Shares of BBVA fell by 0.94% or $-0.11/share to $11.60. In the past year, the shares have traded as low as $8.13 and as high as $12.90. On average, 1922260 shares of BBVA exchange hands on a given day and today's volume is recorded at 1003037.
CorpBanca SA Bancaria is a Chile-based financial institution primarily engaged in the provision of commercial and retail banking services. Shares of BCA traded higher by 2.54% or $0.48/share to $19.37. In the past year, the shares have traded as low as $13.37 and as high as $22.80. On average, 76117 shares of BCA exchange hands on a given day and today's volume is recorded at 133462.
Itau Unibanco Holding SA is a Brazil-based holding active in the banking sector. Shares of ITUB fell by 1.42% or $-0.19/share to $13.19. In the past year, the shares have traded as low as $11.38 and as high as $17.34. On average, 10336400 shares of ITUB exchange hands on a given day and today's volume is recorded at 9978442.
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