CorpBanca Responds to Amended Complaint Filed by Cartica

CorpBanca Responds to Amended Complaint Filed by Cartica 
Cartica Wants Special Payment Related to the Proposed Merger of
CorpBanca and Banco Itau Chile, Revealing True Reason for Its
Lawsuit; CorpBanca Continues to Seek Court Permission to File Motions
to Dismiss Cartica's Meritless and Misguided Lawsuit 
SANTIAGO, CHILE -- (Marketwired) -- 06/13/14 --  CORPBANCA (NYSE:
BCA) (SSE: CORPBANCA) responded today to the amended complaint[1]
regarding the proposed merger of CorpBanca and Banco Itau Chile
brought by Cartica Management, LLC ("Cartica") in the United States
District Court for the Southern District of New York (the "Court").
CorpBanca will file a pre-motion letter seeking permission to file
two separate Motions to Dismiss Cartica's newly filed complaint,
which now seeks money damages that would be to the exclusive benefit
of Cartica and no other CorpBanca shareholders. Cartica filed the
amended complaint after the Court held a conference to discuss
proposed motions by the defendants to dismiss the lawsuit.  
CorpBanca issued the following statement: 
"CorpBanca continues to firmly believe that Cartica's claims are
entirely without merit, and that Cartica's interests are not aligned
with those of other CorpBanca shareholders. Cartica originally
pretended that it was filing its complaint on behalf of minority
shareholders to obtain more information about the transaction. In
fact, CorpBanca has supplied an abundance of disclosures about the
proposed merger throughout the process, including the transaction
documents, the risks and benefits of the deal, and the prospects for
the post-merger bank. CorpBanca's shareholders have all material
information they need to cast a fully informed vote.  
Faced with all this information, and CorpBanca's letters to the Court
explaining the significant flaws in Cartica's Complaint, Cartica has
revealed its true colors and motivations: To seek money for its
trading in CorpBanca shares over the last six months, exclusively for
its own benefit and to the detriment of the other shareholders.
Cartica's new claim, which was omitted from its press release,
demonstrates that Cartica is looking for special treatment and a
coerced payout on its investment in CorpBanca.  
Cartica has publicly stated that it supports a merger between
CorpBanca and Itau. Yet, it asks the Court to enjoin the transaction
and has now added Itau to the lawsuit. This is nothing more than a
desperate attempt to proliferate its self-serving campaign. Cartica
is trying to prevent other CorpBanca shareholders from casting their
votes in favor of the transaction. And it now appears to be using
this lawsuit to try to hold up the deal in order to extract a payment
from CorpBanca. This is not shareholder activism in the name of good
corporate governance but rather an orchestrated scheme to threaten a
valuable merger for a personal profit.  
The new story in Cartica's amended complaint also raises concerns
about Cartica's trading practices. Cartica says that it purchased
additional shares of CorpBanca during the last six months based on
information it obtained in a private meeting with CorpBanca's
majority shareholder CorpGroup. While no material non-public
information was disclosed at any time by CorpBanca or its majority
shareholder in its discussions with Cartica, the activist hedge fund
apparently attempted to trade on these discussions to its own
advantage and to the detriment of other CorpBanca shareholders from
whom it bought shares. While Cartica tries to hold itself out as a
long-term investor and champion of minority shareholders, the truth
is that it has been actively trading CorpBanca shares the whole time,
and this suit is a little more than an effort to justify its
speculative and misguided trading strategy to its investors.  
With respect to the claims in Cartica's amended complaint, CorpBanca
strongly believes that Cartica's suit continues to lack merit.
Cartica's request for additional disclosures, including request for
immaterial and extraneous details, and in many cases, nonexistent
materials, amounts to nothing more than an endless paper chase.
CorpBanca has published massive amounts of information with respect
to the proposed merger, far in excess of that required by law,
including the Transaction Agreement, the Shareholders Agreement, the
loan agreement, an SEC filing describing the benefits and risks of
the deal, financial information on both CorpBanca and Itau, pro forma
financial statements regarding the merged bank, fairness opinions
rendered by two leading global investment banks in connection with
the deal, and a 100-page disclosure document describing in detail the
deal, its structure, terms, background and conditions.  
With respect to its securities claim, Cartica continues to complain
about CorpBanca's business decisions in Chile, which are outside the
jurisdiction of a U.S. federal court. Yet, Cartica has never filed
any case in Chile regarding CorpBanca's business decisions, the only
proper place for such a dispute. With respect to its claims of
deficiencies in 13D filings by CorpBanca's controlling shareholder,
Cartica is seeking additional information about Corp Group's
agreements with Itau that were disclosed to the public long ago.  
CorpBanca strongly believes that the proposed transaction is in the
best interests of CorpBanca shareholders and that Cartica's interests
are not aligned with those of other CorpBanca shareholders. CorpBanca
remains firmly committed to the dismissal of Cartica's self-serving
About CorpBanca 
CORPBANCA (NYSE: BCA) (SSE: CORPBANCA) is Chile's oldest operating
private bank founded in 1871. Based in Chile, CorpBanca also
participates in Colombia and Panama. It also has a branch in New York
and a representative office in Madrid. Its total consolidated assets
are US$33 billion approximately and the equity totaled US$3.3
billion. Focused on large and medium companies and individuals,
CorpBanca offers universal bank products. Its remarkable performance
in the past 18 years has allowed consolidating CorpBanca as the
fourth largest private bank in Chile. In 2012 CorpBanca started the
process of regionalization with the acquisition of two banks in
Colombia, becoming the first Chilean bank to have banking
subsidiaries abroad.  
As of March 31, 2014, according to the Chilean Superintendency of
Banks, CorpBanca was the fourth largest private bank in Chile in
terms of the overall size of its customer loan portfolio (11.5%
market share on a consolidated basis and 7.2% market share among
private banks on an unconsolidated basis only taking into account its
operations in Chile).  
At the same date, according to the Colombian Superintendency of
Finance, CorpBanca Colombia and Helm Bank combined operations were
the sixth largest bank in Colombia in terms of total assets and in
terms of total loans and also the sixth largest bank in Colombia in
terms of total deposits, as reported under local regulatory and
accounting principles 
This press release contains forward-looking statements.
Forward-looking information is often, but not always, identified by
the use of words such as "anticipate", "believe", "expect", "plan",
"intend", "forecast", "target", "project", "may", "will", "should",
"could", "estimate", "predict" or similar words suggesting future
outcomes or language suggesting an outlook. Forward-looking
statements and information are based on current beliefs as well as
assumptions made by and information currently available 
to CorpBanca
concerning anticipated financial performance, business prospects,
strategies and regulatory developments. Although management considers
these assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect. By their very
nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks that predictions,
forecasts, projections and other forward-looking statements will not
be achieved. We caution readers not to place undue reliance on these
statements as a number of important factors could cause the actual
results to differ materially from the beliefs, plans, objectives,
expectations and anticipations, estimates and intentions expressed in
such forward-looking statements. More information on potential
factors that could affect CorpBanca's financial results is included
from time to time in the "Risk Factors" section of CorpBanca's Annual
Report on Form 20-F for the fiscal year ended December 31, 2013,
filed with the SEC. Furthermore, the forward-looking statements
contained in this press release are made as of the date of this press
release and CorpBanca does not undertake any obligation to update
publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise.
The forward-looking statements contained in this press release are
expressly qualified by this cautionary statement. 
[1] Cartica Management, LLC, et al. v. CorpBanca, et al., Case No.
14-cv-2258 (PKC) 
Investor Relations, CorpBanca
Santiago, Chile
Phone: +56 (2) 2660-2555 
Brian Maddox / Andrea Duffy
FTI Consulting
Phone: +1 (212) 850-5661 
Matthew Sherman / Mahmoud Siddig 
Joele Frank, Wilkinson Brimmer Katcher
Phone: +1 (212) 355-4449 
Matias Cartajena / Pablo Reyes
Phone: +569 (9289) 5367 
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