CorpBanca Files Motion to Dismiss Meritless Lawsuit

CorpBanca Files Motion to Dismiss Meritless Lawsuit 
Posts on Its Website Additional Information Regarding Proposed
Combination of CorpBanca and Banco Itau Chile; Notes CorpGroup's New
Schedule 13D Filing 
SANTIAGO, CHILE -- (Marketwired) -- 06/24/14 --  CORPBANCA (NYSE:
BCA) (SSE: CORPBANCA) today announced that it has filed a Motion to
Dismiss 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"). In its Motion to Dismiss,
CorpBanca makes clear that Cartica's complaint contains significant
defects, fails to state a claim and should be dismissed with
In addition to information that has been previously disclosed,
CorpBanca has posted to its website at additional
information regarding its proposed merger with Banco Itau Chile. The
information can be found on CorpBanca's website along with previously
disclosed materials regarding the proposed merger. 
CorpBanca also notes that CorpGroup, CorpBanca's controlling
shareholder, filed today a new Schedule 13D with the U.S. Securities
and Exchange Commission disclosing Cartica's allegations and
disclaiming that a group has been formed with Itau.  
CorpBanca issued the following statement: 
Today CorpBanca filed a motion to dismiss the meritless lawsuit
brought in New York by Cartica, an activist hedge fund seeking to
hold up the proposed merger with Banco Itau Chile. CorpBanca urges
the court to dismiss the lawsuit as an improper attempt to use U.S.
disclosure laws to interfere with a transaction governed by Chilean
law. CorpBanca also asks the court to reject Cartica's latest gambit
to use its threats to block the deal as leverage to obtain a special
payout for itself for alleged losses it suffered speculating on
CorpBanca's stock. Furthermore, CorpBanca's motion informs the court
of the abundant disclosures it has issued since the deal was
announced on January 29, including the transaction agreements for all
shareholders to read and an extensive, 100-page-plus disclosure
document describing the deal in detail.  
CorpBanca strongly believes that the proposed transaction is in the
best interests of CorpBanca shareholders
, and that shareholders have
all the material information they need in order to make an informed
decision concerning the proposed merger. Throughout this process,
CorpBanca has disclosed far more information about the proposed
merger than is customary in Chile and well beyond what is required by
law. In response to CorpBanca's detailed disclosures, Cartica
continues to request new and increasingly irrelevant details in an
effort to avoid dismissal of its disclosure-based claims. To put the
issue to rest, CorpBanca is choosing to post yet more information
today about the deal on its website, and CorpGroup has chosen to file
yet another disclosure regarding its shareholder status on Schedule
13D. CorpBanca believes the additional information is immaterial but
it is releasing the information to demonstrate its continued
commitment to transparency and to avoid spending even more company
resources on wasteful litigation. 
While CorpBanca endeavors to end this litigation swiftly with these
additional disclosures and its motion to dismiss the case, no
assurances can be given that Cartica will be reasonable and end the
matter. Indeed, two weeks ago, Cartica changed its litigation tactics
and specifically amended its claim to seek a money payment for itself
alone as opposed to any other shareholder, while continuing its
endless requests for more information about the proposed merger. It
seems that Cartica will be satisfied and abandon its efforts to
prevent CorpBanca's shareholders from voting on the deal only if it
can extract a special payout for itself from CorpBanca. We look
forward to receiving a ruling from the court and bringing this
meritless suit to a conclusion. 
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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