corpbanca investment trust colombia s.a direccion de migracion

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Corpbanca investment trust colombia s.a direccion de migracion

The resources managed belong to third parties and, therefore, are not included in the Interim Statement of Financial Position. In accordance with IFRS 10 Consolidated Financial Statements, for consolidation purposes, the role of the Bank and its subsidiaries with respect to the managed funds must be evaluated to determine whether it is acting as Agent 10 or Principal.

This evaluation must take into account the following elements:. Scope of its decision-making authority over the investee. Rights held by other parties. Remuneration it is entitled to in accordance with the remuneration agreement. The Bank does not control or consolidate any trust businesses or other entities related to this type of business.

A Sociedad Fiduciaria are owned by third parties. Under this category, and in accordance with the aforementioned standard, they do not control these operations when they exercise their decision-making authority. Non-Controlling Interest. This represents the portion of the profits and net assets not owned by the Bank, directly or indirectly. Use of Estimates and Judgment.

Real results could differ from these estimated amounts. Relevant estimates and assumptions are reviewed regularly by management in order to quantify certain assets, liabilities, income and expenses. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future period that is affected. When market prices in active markets are available, they have been used as a valuation basis. When market prices in active markets are not available, the Bank estimates these values based on the best information available, including the use of models or other valuation techniques.

The Bank has established provisions to cover possible loan losses in accordance with SBIF regulations. In estimating provisions, these regulations require provisions to be regularly evaluated, taking into consideration factors such as changes in the nature and size of the loan portfolio, forecasted portfolio trends, loan quality and economic conditions that may affect. In particular, information regarding more significant areas of estimates of uncertainties and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the Interim Consolidated Financial Statements are described in the following notes:.

Useful life of material and intangible assets Notes 12, 13 and Valuation of goodwill Notes 12 and Credit risk provisions Notes 8, 9 and Fair value of financial assets and liabilities Note Contingencies and commitments Note Impairment losses for certain assets Notes 8, 9, 26 and Current and deferred taxes Note Consolidation perimeter and evaluation of control Note 1, letter d. Non-Current Assets Held for Sale. Non-current assets or disposal groups made up of assets and liabilities that are expected to be recovered primarily through sale instead of through continued use are classified as held for sale.

From this time forward, assets or disposal groups are measured at the lesser of carrying amount and fair value less costs to sell. Impairment losses after the initial classification of assets held for sale and gains and losses after revaluation are recognized in profit or loss. Gains are not recognized if they exceed any accumulated loss.

This company is a subsidiary that was acquired exclusively for resale. As a result, that company is no longer a subsidiary of the Bank. In determining disclosures about different financial statement items and other matters, in accordance with IAS 34 Interim Financial Reporting , the Bank has considered the relative importance of these items with respect to the financial statements for the period. Seasonal or Cyclical Nature of Interim Transactions:. The activities carried out by the Bank and its subsidiaries are not seasonal or cyclical in nature.

New Accounting Pronouncements. SBIF Rulings. Ruling No. Compendium of Accounting Standards. Chapter C Review opinion on interim financial information. Updated Compilation of Standards. Chapter Transactions with Mortgage Bonds. Modifies instructions. In order to facilitate the formation of the mortgage loan portfolio backing the issuance of these bonds, the period from which such loans are eligible for registration in the special registry was adjusted.

Chapters B-1 and C The following new standards and interpretations have been adopted in these Consolidated Financial Statements. Amendments and Improvements. The amendment introduces additional disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities. Currently, the Bank has liabilities for which cash flows are classified as financing activities in the Interim Consolidated Statement of Cash Flows, which consist mainly of debt instruments issued and equity movements.

For debt instruments bonds issued, placements and redemptions, which are the main items in the movement disclosure required by the amendment, are detailed in the Interim Consolidated Statement of Cash Flows, while equity items are detailed in the Interim Statement of Changes in Equity and a note to the Interim Consolidated Financial Statements. The amendment clarifies how to account for deferred tax assets relating to debt instruments measured at fair value.

The amendment clarifies the scope of this standard. Standards and Interpretations. This final version includes requirements on the classification and measurement of financial assets and liabilities; it also includes an expected credit losses model that replaces the incurred loss impairment model used currently. It also includes the final hedging part of IFRS 9 that was issued in.

November Early adoption is permitted. Adopting the concept of expected loss as. The finance, risk, technology and administration areas are involved in the implementation process. The core principle is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Early adoption is allowed. IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases from the point of view of the lessee and the lessor. IFRS 16 replaces the current IAS 17 and introduces a unique model of accounting that requires lessees to recognize assets and liabilities from all lease contracts with a term of more than 12 months unless the underlying asset is undervalued. The objective is to ensure lessees and lessors provide relevant information in a way that faithfully depicts transactions.

This interpretation applies to a foreign currency transaction or a portion of one when an entity recognizes a non-financial asset or non-financial liability that arises from paying or receiving consideration in advance before the entity recognizes the related asset, expense or revenue or the corresponding portion. The guidance aims to reduce diversity in practice. The interpretation addresses how to reflect uncertainty in accounting for income taxes and is applicable to the determination of tax bases, unused tax losses, unused tax credits and tax rates when there is uncertainty over income tax treatments under IAS Early adoption is permitted and must be disclosed.

These amendments address an inconsistency between the requirements in IFRS 10 and those in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business whether it is housed in a subsidiary or not. A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.

The amendment introduces clarifications of the guidance on identifying performance obligations in contracts with customers, accounting for licenses of intellectual property IP and the principal versus agent assessment gross versus net revenue presentation. New and amended illustrative examples have been added for each of those areas of guidance, as well as additional practical expedients related to transition to the new revenue standard.

The amendment clarifies the measurement basis for cash-settled, share-based payments and the accounting for modifications that change an award from cash-settled to equity-settled. Annual Improvements Cycle The document covers the following standards:.

Financial Statement Presentation due to Business Combination. During the measurement period, the acquirer will also recognize additional assets or liabilities if new information is obtained regarding facts and circumstances that existed as of the date of acquisition that, had they been known, would have resulted in recognition of these assets and liabilities as of that date. The measurement period will end as soon as the Group receives the information that it was looking for regarding the facts and circumstances that existed as of the date of acquisition or concludes that no more information can be obtained.

The current financial statements incorporate retroactive changes in the Interim Statement of Changes in Equity as of June letter a determined based on adjustments in the final version of the business combination letter b , with no changes to the Interim Consolidated Statements of Cash Flows letter c. Other reserves not from earnings. Effect on total presentation owners of bank.

Total fair value Corpbanca and Subsidiaries. Total net identifiable assets at fair value. Non-controlling interest at fair value. Goodwill arising in acquisition. Contingent liabilities. Net deferred taxes.

Total consideration transferred. Controlling interest. Total equity. Total cash and cash equivalents received w ith accounting acquiree. Cash payment. Total cash and cash equivalents. Changes in Accounting Policies and Disclosures. Note 3 - Material Events. Distribution of Dividends. Modifications to the Board. Cepeda shall hold office until the next Annual General Meeting, at which time shareholders shall ratify his appointment. Amendments to Transaction Agreement.

The amendments refer to:. This acquisition in Colombia shall take place as soon as feasible and once approved by the SFC. The shares were acquired by Inversiones Monserrat S. The Arbitration has begun in accordance with applicable procedures. Recovery of Fine for Exceeding Credit Margins.

Via Ruling No. As informed previously, the fines were expensed in In light of this Supreme Court ruling, the expense and other related financial effects from the fines were reversed See Note Merger of Subsidiaries. The new resulting company is the legal successor of Corpbanca Corredores de Bolsa S.

Merger Date Postponed. They also agreed to initiate, as soon as possible, a new merger process to integrate the businesses of both companies and to request the corresponding authorizations. Merger Approved. The shareholders also agreed to initiate, as soon as possible, a new merger process to integrate the businesses of both companies and to request the corresponding authorizations.

Profit Distribution. Bylaw Amendments. The bylaw amendment to modify the name of the following subsidiaries was also registered in the mercantile registry:. Note 4 - Business Segments. Segment reporting is determined by the Bank on the basis of its operating segments Chile 11 and Colombia , which are differentiated mainly by the risks and returns that affect them Accordingly, each operating segment is described below:.

The Bank manages these commercial areas using a reporting system for internal profitability. Each commercial area in Chile is described as follows:. Commercial Banking. The Real Estate and Construction Division works with companies within these industries that operate in both Santiago and other areas of Chile. The leasing and factoring departments have been included in this segment.

Retail Banking. International and Treasury Division. This segment mainly includes treasury activities such as financial management, funding and liquidity as well as international commercial activities. Other Financial Services. Colombia has been identified as a separate operating segment based on its business activities. They offer additional products and other financial services through their different Subsidiaries in order to provide comprehensive service to their current and potential.

Geographic Information. When revenue from external customers attributed to a particular foreign country is significant, it is disclosed separately. In line with this, the Group operates in two main geographic areas: Chile Information on Assets, Liabilities and Results. Segment information regarding assets, liabilities and income or expenses for the period are presented in accordance with the SBIF Compendium of Accounting Standards.

Loans and advances to banks - Loans to customers. Income and Expenses:. Net financial operating income. Operating expenses. Continuing operations. Profit loss from discontinued operations. Note 5 - Cash and Cash Equivalents.

Detail of Cash and Cash Equivalents. The following table details cash and cash equivalents 16 :. Deposits in the Chilean Central Bank. Deposits in domestic banks. Foreign deposits. Subtotal cash and due from banks. Transactions pending settlement, net. Highly liquid financial instruments 1. Repurchase agreements 2. This corresponds to trading instruments, available-for-sale investments and fixed income mutual funds maturing in less than three months from the date of acquisition.

Highly liquid financial instruments. Transactions Pending Settlement. Transactions pending settlement consist of transactions awaiting settlement to increase or decrease funds in the Chilean Central Bank or foreign banks, normally within 12 to 24 business hours following period end:.

Outstanding notes from other banks. Funds receivable. Subtotal assets. Funds payable. Subtotal liabilities. Note 6 - Financial Assets Held for Trading. Trading securities are detailed as follows:. Chilean Government and Central Bank instruments:. Central Bank bonds. Central Bank promissory notes.

Other Chilean government and Central Bank instruments. Other instruments issued in Chile:. Promissory notes. Other instruments. Instruments issued abroad:. Mutual fund investments:. Funds managed for related parties. Funds managed for third parties. The Bank purchases financial instruments under agreements to resell them at a future date. Central Bank instruments.

Treasury bonds and notes. Other government instruments. Instruments from other domestic banks. Corporate bonds and commercial paper. Other instruments issued in Chile. Government and Central Bank instruments. Other instruments issued abroad. Note 8 - Loans and Advances to Banks. Chilean Banks. Loans to Chilean banks. Provisions and impairment for loans to Chilean banks. Foreign Banks. Interbank liquidity loans. Loans to foreign banks. Non-transferable deposits in foreign banks.

Provisions and impairment for loans to foreign banks. Chilean Central Bank. Restricted deposits in the Chilean Central Bank. Movements in provisions and impairment for loans with domestic and foreign banks during the first six months of and the full year in , are detailed as follows:. Provisions recorded. Provisions released.

Exchange differences. Note 9 - Loans to Customers, Net. Loans to Customers. Commercial loans:. Commercial loans. Foreign trade loans. Current account overdrafts. Factored receivables. Student loans. Lease transactions.

Other loans and receivables. Mortgage loans:. Loans funded with mortgage bonds. Loans funded with own resources. Other mortgage loans. Consumer loans:. Consumer installment loans. Credit card debtors. Consumer lease transactions. This area, known as Regulatory Compliance, continuously reviews laws and regulations that impact the Bank and its subsidiaries.

This information is reported periodically to the Compliance Committee and the senior management of the Bank and its subsidiaries in order to avoid regulatory violations. He was Chairman of Redecard S. Previously, he worked at financial institutions like J. The Chief Executive Officer is supported by a senior management team comprised of the following executives:. In , he became Corporate Banking Division Manager.

He has served as Corporate Wholesale Banking Manager since He became Chief Financial Officer in He has served as Director since , partner since and Executive Director since He became Corporate Operations Manager in Then, following separation of the Operations and Technology areas, he became Corporate Technology Manager in October Since joining the group, he has led the areas of capitalization, people, payroll loans, marketing, channels, retail banking products, vehicle financing and branch sales.

He became Corporate Legal Manager in He has 30 years of banking experience and has held several executive positions in the risk divisions at local banks. He became Corporate Risk Manager in October He became Corporate Operations Manager in October Prior to joining the group, he was a partner at Deloitte Chile in governance practices, regulation and risk strategy. The sustainability committee supports the executive team.

Corpbanca Administradora General de Fondos S. This subsidiary provides a broad range of financial advisory services to a variety of corporations and institutions, including studies and services for debt restructuring and financing, mergers, acquisitions, privatizations and company valuations. This new company is a member of the Santiago Stock Exchange and is registered with the Chilean Superintendency of Securities and Insurance as a securities broker.

Its primary activities include providing third-party broker services as well as managing the securities portfolio and engaging in foreign currency exchange trading. Many of these products complement the banking and loan services provided by the Bank.

This company has not recorded noteworthy activity since January 1, This subsidiary is a banking support company engaged in legal and out-of-court collections services for any type of loans, titles or notes on its own behalf or on behalf of third parties. The shareholders approved a corporate name change from Helm Corredor de Seguros S. It is authorized to perform securities custody services and fiduciary activities. Sociedad Fiduciaria. The shareholders approved a corporate name change from Helm Fiduciaria S.

This subsidiary is a financial entity domiciled in Panama City, Panama, and supervised by Superintendency of Banks of Panama. The company was founded via public instrument number 8, dated May 18, , granted before Panama notary public No. The shareholders approved a corporate name change from Helm Bank Panama S. This subsidiary is a financial entity domiciled in Panama City, Panama, and supervised by Superintendency of Securities of Panama.

As a result of its activities, the Bank and its subsidiaries are exposed to several types of risks mainly related to financial, loan, operational and compliance issues. Risk management policies aim to identify and analyze the risks faced by the Bank. They establish limits and control processes to keep risk within the desired risk appetite. Risk management policies and structures are reviewed regularly in order to reflect changes in the Bank's activities.

The Bank uses standards and procedures to create an appropriate control environment within a comprehensive risk management culture where employees understand their roles and responsibilities. The Corporate Risk Division aims to make risk management a competitive advantage for the Bank.

The Corporate Risk Manager is also responsible for comprehensively managing the risks facing the Bank in Colombia. This includes participating on loan committees for approving larger deals, defining credit policies and rating risk for commercial loans. The Wholesale Credit Division administers the credit approval processes for all wholesale banking customers, i.

This division works with the credit risk control area to monitor customer behavior and, if necessary, processes administrative and judicial collections for the Wholesale Banking Division. These processes span from loan analysis and approval to recovery and collections. Due to the more large-scale nature of these segments, use of proactive loan origination models, based on statistical models of approval and behavior, are encouraged.

It focuses on monitoring and rating assets as well as developing and monitoring provisioning models. Separation of loan approval and control duties safeguards independence of management and control tasks within the Corporate Risk Division, thus ensuring that business activity remains within expected and tolerable limits while achieving the profitability levels demanded by shareholders.

A structure of loan committees, whose composition and authority vary based on debtor risk rating and the amount of exposure, serves the wholesale segment. In , service focused on consolidating teams and processes, reviewing the portfolio and assessing its rebalancing.

Special emphasis was also placed on standardizing loan proposals and developing policies and manuals to reflect the action areas and procedures of the merged bank. The Retail Credit Division has developed differentiated strategies for each retail segment. It uses automated assessment to verify whether loan requests meet the requirements established in the credit policy and approval standards. It also controls the levels of authority and approval required.

The Bank also promotes and develops proactive sales models using pre-approved or pre-assessed data bases. Internally developed statistical behavior and approval models are used to identify customers and prospects with high potential and good credit to whom financing is offered in a more active, direct manner.

As a result, growth in consumer loans exceeded relevant competitors in , enabling the Bank to recover market share. In , the Bank aligned its credit and risk management model with its commercial strategy and risk appetite. The approval teams merged, blending policies, regulations and procedures that enable standardization of approval criteria, along with a single loan assessment platform.

In terms of collections and normalization processes, strategies for each segment were also standardized, from preventative collections and early defaults, to prejudicial and judicial collections as well as recovery of charge-offs. Progress was also made on internal collections models that support prioritization, seeking greater recovery and efficiency in use of resources.

Finally, the Bank strengthened clear corporate governance that regulates internal risk management. It established formal opportunities for approval and control to ensure that operations remain within the established limits and strict compliance with current regulations. It is comprised of the Board of Directors, Operational Risk Committee and a division specialized in matters of operational risk, information security, business continuity and internal control.

The Board ensures that the mechanisms used in operational risk management as well as the established roles and responsibilities, are coherent with guidelines on the matter. The Operational Risk Committee aims to adopt measures to adequately and efficiently manage operational risk, information security and business continuity.

It also ensures that the operations and transactions inherent to the financial business are conducted according to the highest standards of safety, internal control and operational continuity, in a context of best practices and according to Basel Committee recommendations. The Operational Risk Division is responsible for creating a regulatory framework for risk management and communicating a risk culture at the Bank, raising awareness of the three lines of defense: the business and support areas, the Operational Risk and Compliance Division and the Internal Audit Division.

The main purpose of the management model adopted by the Bank and its subsidiaries is preventative and effective risk management in five stages: identification, prioritization, response to risk, monitoring and reporting. The Bank began the process of independently validating credit and financial risk models for Chile and units abroad. It began with credit models in Chile and defining governance on the matter. In internal control, SOX certification was among the areas addressed.

The second line of defense helped with this process in Chile and Colombia. Likewise, in , efforts to strengthen the business continuity program included an annual schedule for applying the methodology's different stages at the organization and for continuity testing. In terms of governability, the Business Continuity Commission was created. The methodological framework, policies and procedures were also updated.

In terms of information security, the Bank continued efforts to strengthen the control environment on digital platforms and applications, with special emphasis on cybersecurity. This allowed for growth consistent with the needs of cyberspace and support channels. In , opportunities to work collaboratively with different areas were created, resulting in the creation of security commissions, management of vulnerabilities and participation on the Operational Risk Committee.

Given its operations as a fund broker and provider of financial solutions, the Bank must properly manage financial risk interest and inflation rates, counterparty and market risk. As a manager and provider of solutions, we bring our customers closer to products consistent with their needs. Management of these risks must be aligned with the definitions established by the Board of Directors and senior management. They expressly state the role of responsible, sustainable management.

Several committees and specialized commissions review management strategies and analyze scenarios, balancing risk and strategy effectiveness. The Treasury is responsible for managing market risk includes interest rate and inflation risk and liquidity within the policy framework and risk appetite established by the Board of Directors.

It oversees the macroeconomic team that provides economic hedges for Chile and Colombia. The Financial Risk Division is responsible for applying the financial risk framework. To do so, it actively participates on each committee and commission on financial matters. It works with the pertinent areas to analyze proposals and definitions. This function requires proper measurement of risk and periodic controls to keep the responsible individuals informed.

For market risks, we measure relevant currency risk dollar, Chilean peso, Colombian peso , local and foreign interest rate risk, among others. Liquidity risk limits are established in accordance with short- and long-term corporate objectives, which seek to promote diversification of funding sources and preservation of appropriate liquidity reserves.

As part of the merger process, methodologies for liquidity and counter party risk were strengthened this year and special attention was paid to improving database consolidation. It projected gradual recovery in measures of asset quality, modest credit growth, stable margins and lower dividend payments. That trend is part of the banking industry country risk assessment BICRA and the possible downward revision of the base rating that would occur, according to its analysis, if the negative trend ultimately leads to a cut in the BICRA.

Table of Contents. Labor Relations Sustainable Performance. Integration Strategy Performance. In , Corpbanca acquired Financiera Condell and later the loan portfolio belonging to Corfinsa, the consumer finance division of Banco Sud Americano presently Scotiabank. The following section presents our identity, what we are as a bank.

Our primary concern is to place the customer at the center of our operations. Implement a culture that aims to satisfy customers, has a commercial focus and seeks operational simplicity. Maximize shareholder returns, visualizing organizational growth Be the bank with the best talent, at all levels.

Attract and retain committed, ethical professionals who show ownership and organizational pride. Develop shared leadership, earned through talent and ability, and focused on meritocracy. Promote an environment that stimulates creativity, innovation and debate.

Seek cutting-edge technology, always attempting to add value and provide our customers better service. Be a beacon of ethical conduct for our customers, employees, authorities, society and the market. Be recognized as the bank for Latin America. Our Seven Attitudes 1. It is only good for us if it is good for the customer We are people at the service of people, with passion and excellence.

Performance fanatics Generating sustainable results is in our DNA. People are everything to us Everything we do is done through people, talented people who like to work in a collaborative, high-performance meritocracy. The best argument wins We cultivate a challenging environment, open to questioning and constructive debate. Simple, always We believe that simplicity is the best road to efficiency so we fight to make sure depth is not confused with complexity and simplicity does not become simplism.

We think and act like owners We always think like owners of the bank, leading by example and prioritizing collective goals over personal ambition. Ethics are non-negotiable We do the right thing without tricks or short cuts. We dream it, do it and it works ;. Transmitting Our Way We began the digital transformation, which seeks to provide customers a differentiating experience.

NIME INVESTMENTS LIMITED

Total operating income. Credit risk provisions. Payroll and personnel expenses. Administrative expenses. Depreciation and amortization. Other operating expenses. Income attributable to investments in other companies. Profit before taxes. Income tax benefit expense. Profit from continuing operations. Profit from discontinued operations. Attributable to:. Owners of the bank. Earnings per share attributable to owners of the bank:.

Basic earnings per share. Diluted earnings per share. Earnings per share from continuing operations attributable to owners of the. Gain loss from currency translation of Colombian investment and New York Branch. Gain loss from hedge of net investment in foreign operation. Gain loss from cash flow hedge. Other comprehensive income loss before taxes. Income taxes on financial assets available for sale. Income taxes on variation in hedge of net investment in foreign operation. Income taxes on variation in cash flow hedge.

Income taxes related to other comprehensive income loss. Total other comprehensive income loss that will be reclassified to profit in subsequent periods. Recognition of defined benefit obligations. Income taxes on recognition of defined benefit obligations. Interim Statements of Changes in Equity. Increase or decrease in capital and reserves unaudited. Profit distribution unaudited. Pre-merger legal capital Corpbanca unaudited. Capital increase Corpbanca Fair value Corpbanca and Subsidiaries see Note 2.

Minimum dividend provision unaudited. Total comprehensive income for the period unaudited. Total comprehensive income loss for the period unaudited. Profit for the period before taxes. Charges credits to income that do not represent cash flows:. Provisions and write-offs for assets received in lieu of payment. Contingency provisions. Adjustment to market value of investments and derivatives.

Other credits charges that do not represent cash flows. Loans to customers and banks. Receivables from repurchase agreements and securities borrowing. Other assets and liabilities. Dividends received from investments in other companies. Foreign borrowings obtained. Repayment of foreign borrowings. Interest paid. Interest earned. Net fees. Taxes refunded. Repayment of other borrowings. Proceeds from sale of assets received in lieu of payment. Net cash flows used in operating activities.

Purchase of property, plant and equipment and intangible assets. Cash and cash equivalents from Corpbanca integration. Net cash flows provided by used in investing activities. Redemption of debt issued. Capital increase. Dividends paid. Net cash flows provided by financing activities. Effect of changes in exchange rates.

Cash and cash equivalents at beginning of period. Cash and cash equivalents at end of period. Net increase decrease in cash and cash equivalents. Note 1. Note 2. Note 3. Note 4. Note 5. Note 6. Note 7. Note 8. Note 9. Note In addition, it has a branch in New York and a representation office in Madrid 2. The merged bank is the fourth largest private bank in Chile, and a banking platform for future expansion throughout Latin America, specifically in Chile, Colombia and Peru.

History of the Merged Banks. As of that date, it had market share in loans of 5. The Bank does business in the following domestic and foreign markets:. Summary of Significant Accounting Policies. Accounting Periods Covered. Should any discrepancies arise between these accounting principles and the accounting criteria issued by the SBIF Compendium of Accounting Standards , the latter shall take precedence.

These notes provide clear, relevant, reliable and comparable narrative descriptions and details on these statements. IAS 34 establishes that interim financial reporting is prepared mainly with the intent to update the contents of the most recent Annual Consolidated Financial Statements, placing emphasis on the new activities, events and circumstances that have occurred during the six-month period following the most recent period-end and not duplicating the information published previously in the most recent Consolidated Financial Statements.

As a result, these Interim Consolidated Financial Statements do not include all of the information required in the complete Consolidated Financial Statements prepared in accordance with international accounting and financial reporting standards issued by the IASB. Therefore, for a proper understanding of the information included in these financial statements, they should be read together with the annual Consolidated Financial Statements for the immediately preceding period 3.

Consolidation Criteria. Intercompany balances and any unrealized income or expenses that arise from group intercompany transactions are eliminated in preparing the Interim Consolidated Financial Statements. Controlled Entities. Therefore, the Bank controls an investee if and only if it has all of the following elements:.

Power over the investee, i. Exposure, or rights, to variable returns from its involvement with the investee;. The Bank considers all relevant factors and circumstances in evaluating whether voting rights are sufficient to obtain control, including:. Potential voting rights held by the investor, other vote holders or other parties. Rights from other contractual agreements.

Any additional facts and circumstances that indicate that the investor has, or does not have, the current ability to direct the relevant activities when decisions need to be made, including voting behavior patterns in prior shareholder meetings. The Bank reevaluates whether or not it has control in an investee if the facts and circumstances indicate that there have been changes in one or more of the elements of control listed above. The financial statements of controlled companies are consolidated with those of the Bank using the global integration method line by line.

Using this method, all balances and transactions between consolidated companies have been eliminated upon consolidation. The Interim Consolidated Financial Statements include all assets, liabilities, equity, income, expenses, and cash flows from the controller and its subsidiaries presented as if they were one sole economic entity. A controller prepares Interim Consolidated Financial Statements using uniform accounting policies for similar transactions and other events under equivalent circumstances.

An entity shall attribute profit for the period and each component of other comprehensive income to the owners of the parent company and the non-controlling interests. The entity shall also attribute total comprehensive income to the owners of the parent company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. CorpBanca Corredores de Seguros S.

CorpLegal S. Recaudaciones y Cobranzas S. Corpbanca Securities Inc 5. A formerly-Helm Corredor de Seguros S. A Sociedad Fiduciaria formerly-Helm Fiduciaria. Associates and Banking Support Companies. Associates are entities over which the Bank has the capacity to exercise significant influence, but not control or joint control. Other factors considered in determining whether there is significant influence over an entity include representation on the Board of Directors and the existence of material transactions.

Investments in Other Companies. Shares or rights in other companies are those in which the Bank does not have control or significant influence. These interests are recorded at cost and adjusted for impairment when necessary. The Bank and its subsidiaries manage assets held in common investment funds and other investment products on behalf of investors and receive market-rate compensation for services provided. The resources managed belong to third parties and, therefore, are not included in the Interim Statement of Financial Position.

In accordance with IFRS 10 Consolidated Financial Statements, for consolidation purposes, the role of the Bank and its subsidiaries with respect to the managed funds must be evaluated to determine whether it is acting as Agent 10 or Principal. This evaluation must take into account the following elements:. Scope of its decision-making authority over the investee.

Rights held by other parties. Remuneration it is entitled to in accordance with the remuneration agreement. The Bank does not control or consolidate any trust businesses or other entities related to this type of business. A Sociedad Fiduciaria are owned by third parties. Under this category, and in accordance with the aforementioned standard, they do not control these operations when they exercise their decision-making authority.

Non-Controlling Interest. This represents the portion of the profits and net assets not owned by the Bank, directly or indirectly. Use of Estimates and Judgment. Real results could differ from these estimated amounts. Relevant estimates and assumptions are reviewed regularly by management in order to quantify certain assets, liabilities, income and expenses. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future period that is affected.

When market prices in active markets are available, they have been used as a valuation basis. When market prices in active markets are not available, the Bank estimates these values based on the best information available, including the use of models or other valuation techniques. The Bank has established provisions to cover possible loan losses in accordance with SBIF regulations. In estimating provisions, these regulations require provisions to be regularly evaluated, taking into consideration factors such as changes in the nature and size of the loan portfolio, forecasted portfolio trends, loan quality and economic conditions that may affect.

In particular, information regarding more significant areas of estimates of uncertainties and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the Interim Consolidated Financial Statements are described in the following notes:.

Useful life of material and intangible assets Notes 12, 13 and Valuation of goodwill Notes 12 and Credit risk provisions Notes 8, 9 and Fair value of financial assets and liabilities Note Contingencies and commitments Note Impairment losses for certain assets Notes 8, 9, 26 and Current and deferred taxes Note Consolidation perimeter and evaluation of control Note 1, letter d.

Non-Current Assets Held for Sale. Non-current assets or disposal groups made up of assets and liabilities that are expected to be recovered primarily through sale instead of through continued use are classified as held for sale. From this time forward, assets or disposal groups are measured at the lesser of carrying amount and fair value less costs to sell. Impairment losses after the initial classification of assets held for sale and gains and losses after revaluation are recognized in profit or loss.

Gains are not recognized if they exceed any accumulated loss. This company is a subsidiary that was acquired exclusively for resale. As a result, that company is no longer a subsidiary of the Bank. In determining disclosures about different financial statement items and other matters, in accordance with IAS 34 Interim Financial Reporting , the Bank has considered the relative importance of these items with respect to the financial statements for the period.

Seasonal or Cyclical Nature of Interim Transactions:. The activities carried out by the Bank and its subsidiaries are not seasonal or cyclical in nature. New Accounting Pronouncements. SBIF Rulings. Ruling No. Compendium of Accounting Standards. Chapter C Review opinion on interim financial information.

Updated Compilation of Standards. Chapter Transactions with Mortgage Bonds. Modifies instructions. In order to facilitate the formation of the mortgage loan portfolio backing the issuance of these bonds, the period from which such loans are eligible for registration in the special registry was adjusted. Chapters B-1 and C The following new standards and interpretations have been adopted in these Consolidated Financial Statements.

Amendments and Improvements. The amendment introduces additional disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities. Currently, the Bank has liabilities for which cash flows are classified as financing activities in the Interim Consolidated Statement of Cash Flows, which consist mainly of debt instruments issued and equity movements. For debt instruments bonds issued, placements and redemptions, which are the main items in the movement disclosure required by the amendment, are detailed in the Interim Consolidated Statement of Cash Flows, while equity items are detailed in the Interim Statement of Changes in Equity and a note to the Interim Consolidated Financial Statements.

The amendment clarifies how to account for deferred tax assets relating to debt instruments measured at fair value. The amendment clarifies the scope of this standard. Standards and Interpretations. This final version includes requirements on the classification and measurement of financial assets and liabilities; it also includes an expected credit losses model that replaces the incurred loss impairment model used currently.

It also includes the final hedging part of IFRS 9 that was issued in. November Early adoption is permitted. Adopting the concept of expected loss as. The finance, risk, technology and administration areas are involved in the implementation process.

The core principle is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Early adoption is allowed. IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases from the point of view of the lessee and the lessor.

IFRS 16 replaces the current IAS 17 and introduces a unique model of accounting that requires lessees to recognize assets and liabilities from all lease contracts with a term of more than 12 months unless the underlying asset is undervalued. The objective is to ensure lessees and lessors provide relevant information in a way that faithfully depicts transactions. This interpretation applies to a foreign currency transaction or a portion of one when an entity recognizes a non-financial asset or non-financial liability that arises from paying or receiving consideration in advance before the entity recognizes the related asset, expense or revenue or the corresponding portion.

The guidance aims to reduce diversity in practice. The interpretation addresses how to reflect uncertainty in accounting for income taxes and is applicable to the determination of tax bases, unused tax losses, unused tax credits and tax rates when there is uncertainty over income tax treatments under IAS Early adoption is permitted and must be disclosed.

These amendments address an inconsistency between the requirements in IFRS 10 and those in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business whether it is housed in a subsidiary or not.

A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. The amendment introduces clarifications of the guidance on identifying performance obligations in contracts with customers, accounting for licenses of intellectual property IP and the principal versus agent assessment gross versus net revenue presentation.

New and amended illustrative examples have been added for each of those areas of guidance, as well as additional practical expedients related to transition to the new revenue standard. The amendment clarifies the measurement basis for cash-settled, share-based payments and the accounting for modifications that change an award from cash-settled to equity-settled.

Annual Improvements Cycle The document covers the following standards:. Financial Statement Presentation due to Business Combination. During the measurement period, the acquirer will also recognize additional assets or liabilities if new information is obtained regarding facts and circumstances that existed as of the date of acquisition that, had they been known, would have resulted in recognition of these assets and liabilities as of that date.

The measurement period will end as soon as the Group receives the information that it was looking for regarding the facts and circumstances that existed as of the date of acquisition or concludes that no more information can be obtained.

The current financial statements incorporate retroactive changes in the Interim Statement of Changes in Equity as of June letter a determined based on adjustments in the final version of the business combination letter b , with no changes to the Interim Consolidated Statements of Cash Flows letter c. Other reserves not from earnings. Effect on total presentation owners of bank.

Total fair value Corpbanca and Subsidiaries. Total net identifiable assets at fair value. Non-controlling interest at fair value. Goodwill arising in acquisition. Contingent liabilities. Net deferred taxes. Total consideration transferred. Controlling interest. Total equity. Total cash and cash equivalents received w ith accounting acquiree. Cash payment. Total cash and cash equivalents. Changes in Accounting Policies and Disclosures.

Note 3 - Material Events. Distribution of Dividends. The ongoing challenge of achieving leadership in performance has brought us to this point and will continue to guide our company toward our objectives. Everything we do is done through people, talented people who like to work in a collaborative, high-performance meritocracy. We cultivate a challenging environment, open to questioning and constructive debate.

The only hierarchy that matters to us is the hierarchy of best ideas. We believe that simplicity is the best road to efficiency so we fight to make sure depth is not confused with complexity and simplicity does not become simplism. We always think like owners of the bank, leading by example and prioritizing collective goals over personal ambition.

We do the right thing without tricks or short cuts. We exercise leadership in a transparent, responsible way. We are totally committed to society and best practices in governance and management. We began the digital transformation, which seeks to provide customers a differentiating experience. We want to be the most simple, available, flexible and efficient bank and for this to positively impact our business, technology and processes.

To achieve this, efforts to spread Our Way to digital teams focused on promoting collaboration, customer focus, performance and feedback through actions related to a new perspective for managing people. Our customers, individuals and legal entities, have access to a wide range of products and services suited to their needs and characteristics.

This segment also offers securities services focused on foreign investment customers, both individuals and legal entities, within the framework of Internal Revenue Service SII Exempt Resolution No. It also serves investment companies, spouses, senior executives or directors of corporate banking customers and partners in SMEs or companies. The model is based on providing each customer with advising for large investments and support from wealth management specialists.

We offer a full range of on- and off-shore products, like: mutual funds, brokerage shares, bonds, currency and derivatives , open investment funds, voluntary pension savings APV , structured products as well as alternative investments and discretionary portfolios. It uses a profitability model to select checking account customers without past-due or written-off debt in the SBIF. In addition to tangible differentiations, this segment offers its own electronic channels.

We offer banking products—debit cards, current accounts, credit cards and lines of credit— and other financial services—consumer loans, mortgage loans, insurance, time deposits, mutual funds and stock brokerage services. We offer consumer loans, insurance, time deposits and debit cards with consumer loans being the essence of our business. Market, balance sheet and ledger risks are managed with financial instruments, like derivatives and fixed-income securities, on the local and foreign markets.

This is a dual-purpose segment. In terms of liquidity, the Bank seeks to ensure that it maintains, at all times, sufficient liquidity to support timely compliance with its payment obligations at the most efficient cost while rigorously upholding policies, standards and internal and external limits. In terms of markets, the segment is responsible for providing Funds Transfer Pricing FTP curves that reflect marginal market conditions.

These are used as an input for pricing these asset and liability entries on the balance sheet. It executes structural financing strategies in the market and contributes to establishing a financing structure that minimizes short and long-term costs. This area aims to provide competitive pricing so the sales desk can distribute treasury products in the various commercial segments. It is also responsible for managing sales risk, creating interbank markets on a daily basis through operations with local and foreign counterparts.

We are a regional bank with local presence. We provide comprehensive solutions for our different customer segments—companies or retail—which we serve in all the markets where we operate. In early , we conducted a tender process to select the travel agency through which our Retail Banking customers could exchange customer loyalty points for travel and tourism packages.

In the second quarter of , the Bank signed a new commercial agreement with MasterCard. The major changes in ownership as of December 31, relative to December 31, , are detailed as follows:. The Board meets once a month. Beyond these legal requirements, it establishes respect, transparency and ethics as key internal principles that guide stakeholder relationships.

As a result, risks have been adequately controlled and managed with the purpose of creating sustainable value. In order to add value for customers and shareholders, promote habits of respect for people and favor socio-environmentally responsible action, the Bank strives to ensure that high corporate governance is applied to corporate actions and decisions. Three of the nine current Board members are independent directors.

According to Colombian regulations, independent directors must comprise at least 25 percent of the Board. Independent directors receive compensation set by the shareholders. Our Board of Directors is supported by eight committees comprised of directors, senior management and independent consultants.

In addition to the specific functions bestowed upon it by law, our Directors' Committee aims to strengthen self-regulation at the Bank and other entities under its jurisdiction. It is also responsible for making the agreements necessary to protect shareholders, especially minority shareholders, examining executive compensation systems and approving related-party transactions.

It is also responsible for supervising the different aspects of maintenance, application and functioning of the Bank's internal controls, closely monitoring compliance with standards and procedures regulating its practices, and having a clear understanding of the risks that can arise from the business conducted by the Bank.

It serves as a link between the internal audit department and the independent auditors as well as between these two groups and the Board of Directors. This committee was established as a consultation body of the Board of Directors whose mission is to ensure the existence and development of the best corporate governance practices for financial entities. The committee assesses current practices and policies in order to propose and recommend improvements, reforms or adaptations to the Board of Directors.

The committee ensures proper implementation and application of board-defined corporate governance practices and policies. The committee performs these functions for the Bank, its subsidiaries and its foreign entities. This committee's main purpose is to plan and coordinate activities to comply with policies and procedures to prevent asset laundering, terrorism financing and bribery, to maintain itself informed of the work carried out by the Compliance Officer, who has also been designated as the head of prevention in conformity with Law No.

This should be guided at all times by the corporate principles and values that identify its spirit, philosophy and good business practices. The Performance and Talent Committee was created as an advisory and consultation body for issues related to managing people and the human resources at the Bank and the other entities under its jurisdiction. The committee's main purpose is to comply with the financial guidelines set by the Board. It must approve and monitor the financial strategies that guide the Bank with respect to the composition of its assets and liabilities, cash inflows and outflows and transactions with financial instruments.

It also examines the available alternatives to make decisions that ensure the highest and most sustainable returns with financial risk levels that are compatible with the business, current regulations and standards. The Executive Loan Committee's objective is to approve transactions and matters submitted to it in accordance with defined limits and procedures, ensuring application and compliance of credit risk policies defined by the Bank and in strict adherence of current regulations.

In , the Directors' Committee convened 11 times to address the following matters under its jurisdiction, among others:. The Chairman shall receive UF. The committee did not report any expenses or disbursements beyond the monthly stipend assigned to committee members. The same decision was made for the members of the Directors' Committee whose monthly compensation was set at UF and UF for the chairman.

Thus, the budget for Directors' Committee compensation was UF 7, The chairman of the Audit Committee received UF per month. These terms were set forth in the Transaction Agreement signed on April 1, These documents are the basis for the concepts of ethics and conduct that must be respected by all employees and directors at the Bank and its subsidiaries. The texts regulate and establish principles for conflicts of interest, confidentiality and use of insider information.

The Operational Risk and Compliance Division, responsible for ensuring observance of these internal codes, includes an area exclusively dedicated to overseeing observance of these internal regulations. All Bank and subsidiary activities are governed by corporate ethics and values, which must be upheld by each and every one of the institution's employees and directors. The purpose is to guide and orient employees in resolving conflicts of interest, use of insider information, receiving gifts and incentives, as well as matters related to personal conduct and daily performance of professional duties.

Employees are required to report any situation that could affect objectivity in their decision making and to avoid any conduct that could result in a real or potential conflict of interest or any other code of conduct violation. These documents establish standards of conduct that must be observed by all Bank and subsidiary employees.

They establish regulatory standards related to Law No. The code contains the financial industry's best practices and aims to ensure that all activities related to the securities market are conducted in adherence to current law and ethical criteria.

The code and manual establish decision-making for employees; set forth prohibitions and guidelines regarding the use of insider information that may be obtained through their role at the Bank; and dictate how these standards are communicated throughout the company in terms of investment transactions and business deals. The Bank has an area dedicated to properly controlling and managing regulatory compliance risk.

This area, known as Regulatory Compliance, continuously reviews laws and regulations that impact the Bank and its subsidiaries. This information is reported periodically to the Compliance Committee and the senior management of the Bank and its subsidiaries in order to avoid regulatory violations.

He was Chairman of Redecard S. Previously, he worked at financial institutions like J. The Chief Executive Officer is supported by a senior management team comprised of the following executives:. In , he became Corporate Banking Division Manager.

He has served as Corporate Wholesale Banking Manager since He became Chief Financial Officer in He has served as Director since , partner since and Executive Director since He became Corporate Operations Manager in Then, following separation of the Operations and Technology areas, he became Corporate Technology Manager in October Since joining the group, he has led the areas of capitalization, people, payroll loans, marketing, channels, retail banking products, vehicle financing and branch sales.

He became Corporate Legal Manager in He has 30 years of banking experience and has held several executive positions in the risk divisions at local banks. He became Corporate Risk Manager in October He became Corporate Operations Manager in October Prior to joining the group, he was a partner at Deloitte Chile in governance practices, regulation and risk strategy.

The sustainability committee supports the executive team. Corpbanca Administradora General de Fondos S. This subsidiary provides a broad range of financial advisory services to a variety of corporations and institutions, including studies and services for debt restructuring and financing, mergers, acquisitions, privatizations and company valuations.

This new company is a member of the Santiago Stock Exchange and is registered with the Chilean Superintendency of Securities and Insurance as a securities broker. Its primary activities include providing third-party broker services as well as managing the securities portfolio and engaging in foreign currency exchange trading. Many of these products complement the banking and loan services provided by the Bank.

This company has not recorded noteworthy activity since January 1, This subsidiary is a banking support company engaged in legal and out-of-court collections services for any type of loans, titles or notes on its own behalf or on behalf of third parties. The shareholders approved a corporate name change from Helm Corredor de Seguros S. It is authorized to perform securities custody services and fiduciary activities. Sociedad Fiduciaria. The shareholders approved a corporate name change from Helm Fiduciaria S.

This subsidiary is a financial entity domiciled in Panama City, Panama, and supervised by Superintendency of Banks of Panama. The company was founded via public instrument number 8, dated May 18, , granted before Panama notary public No. The shareholders approved a corporate name change from Helm Bank Panama S. This subsidiary is a financial entity domiciled in Panama City, Panama, and supervised by Superintendency of Securities of Panama. As a result of its activities, the Bank and its subsidiaries are exposed to several types of risks mainly related to financial, loan, operational and compliance issues.

Risk management policies aim to identify and analyze the risks faced by the Bank. They establish limits and control processes to keep risk within the desired risk appetite. Risk management policies and structures are reviewed regularly in order to reflect changes in the Bank's activities. The Bank uses standards and procedures to create an appropriate control environment within a comprehensive risk management culture where employees understand their roles and responsibilities.

The Corporate Risk Division aims to make risk management a competitive advantage for the Bank. The Corporate Risk Manager is also responsible for comprehensively managing the risks facing the Bank in Colombia. This includes participating on loan committees for approving larger deals, defining credit policies and rating risk for commercial loans.

The Wholesale Credit Division administers the credit approval processes for all wholesale banking customers, i. This division works with the credit risk control area to monitor customer behavior and, if necessary, processes administrative and judicial collections for the Wholesale Banking Division.

Exhibit

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Corpbanca investment trust colombia s.a direccion de migracion Controlled Entities. Modifies instructions. Chapters B-1 and C This committee's main purpose is to plan and coordinate activities to comply with policies and procedures to prevent asset laundering, terrorism financing and bribery, to maintain itself informed of the work carried out by the Compliance Officer, who has also been designated as the head of prevention in conformity with Law No. This includes participating on loan committees for approving larger deals, defining credit policies and rating risk for commercial loans.
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High interest rate discourage investment It is also responsible for supervising the different aspects of maintenance, application and functioning of the Bank's internal controls, closely isakas forex trading compliance with standards and procedures regulating its practices, and having a clear understanding of the risks that can arise from the business conducted by the Bank. New Commercial Name. Employees are required to report any situation that could affect objectivity in their decision making and to avoid any conduct that could result in a real or potential conflict of interest or any other code of conduct violation. Valuation accounts. Then, following separation of the Operations and Technology areas, he became Corporate Technology Manager in October Central Bank instruments.

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Each determination by the Administrative Agent of an interest rate shall be conclusive and binding for all purposes, absent manifest error. Whenever any payment shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or fees, as the case may be; provided , however , that if such extension would cause payment of interest on or principal of Loans to be made in the next following calendar month, such payment shall be made on the next preceding Business Day.

Unless the Administrative Agent shall have received written notice from the Borrower prior to the date on which any payment is due to the Lenders that the Borrower will not make such payment in full, the Administrative Agent may, but shall not be required to, assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, but shall not be required to, cause to be distributed to each Lender on such date an amount equal to the amount then due such Lender.

A Lender shall not be required to make any such designation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Within 30 days after the date of any payment of Taxes or Other Taxes to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

Notwithstanding the provisions of this Article II relating to the designation by a Lender of a new applicable lending office, no Lender shall have any obligation in respect of such designation if such designation would subject such Lender to any unreimbursed cost or expense. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation.

In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by U. A any Lender that is not a Foreign Lender shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent, executed originals of IRS Form W-9 or successor form certifying that such Lender is exempt from U.

C any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent in such number of copies as shall be requested by the recipient on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent , executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.

D if a payment made to a Lender under any Credit Document would be subject to U. Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form certification or promptly inform the Borrower and the Administrative Agent in writing of its legal inability to do so.

Sharing of Payments, Etc. Conditions Precedent to Effectiveness. Such fees, costs and expenses may, at the option of the Borrower, be netted from the proceeds of the Initial Borrowing. Satisfaction of Conditions Precedent.

Corporate Existence. The Borrower is a financial institution duly organized and validly existing under the laws of Chile, and qualified to do business in each jurisdiction where its ownership or lease of property or conduct of its business requires such qualification and where a failure to be so qualified could reasonably be expected to cause a Material Adverse Effect. Each Subsidiary of the Borrower is a corporation or other legal entity duly organized, validly existing, and if applicable in its jurisdiction in good standing under the laws of its jurisdiction of formation and qualified to do business in each jurisdiction where its ownership or lease of property or conduct of its business requires such qualification and where a failure to be so qualified could reasonably be expected to cause a Material Adverse Effect.

Corporate Power. Authorization and Approvals. At the time of the relevant Borrowing, no authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or any other Person will be required for such Borrowing or the use of the proceeds of such Borrowing. Enforceable Obligations. Each Credit Document has been duly executed and delivered by the Borrower. Financial Statements. Ownership and Liens.

True and Complete Disclosure. No written representation, warranty, or other statement made by the Borrower or on behalf of the Borrower in this Agreement or any other Credit Document, when taken as a whole, contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements contained therein not misleading in light of the circumstances in which they were made.

There is no fact known to any Responsible Officer of the Borrower on the date hereof and on the Closing Date, that has not been disclosed to the Lenders and the Administrative Agent and which could reasonably be expected to cause a Material Adverse Effect. There is no pending, or, to the knowledge of the Borrower, threatened action or proceeding by or against the Borrower or any of its Subsidiaries before any court, Governmental Authority or arbitrator that could reasonably be expected to cause a Material Adverse Effect, or that purports to affect the legality, validity, binding effect or enforceability of this Agreement, any Instrument, or any other Credit Document or the consummation of any of the transactions contemplated hereby or thereby.

Use of Proceeds. Neither the making of any Loan nor the use of the proceeds thereof will violate or be inconsistent with the provisions of Regulation T, U or X. Investment Company Act. Each of the Borrower and its Subsidiaries has filed or caused to be filed all material tax returns required by law to be filed and has paid or caused to be paid all taxes, assessments and other governmental charges levied upon or in respect of any of its Properties, other than any such taxes the validity or amount of which are being contested in good faith by the Borrower or such Subsidiary by appropriate proceedings and for which the Borrower or such Subsidiary shall have set aside on its books adequate reserves in accordance with Chilean Banking GAAP.

The charges, accruals and reserves on the books of the Borrower and its Subsidiaries in respect of taxes for all fiscal periods are adequate, and there is no unpaid assessment for additional taxes for any fiscal period or any basis therefor. No Burdensome Restrictions; No Defaults. To the knowledge of each Responsible Officer of the Borrower, neither the Borrower nor any of its Subsidiaries has received any notice of default under any contract, agreement, lease, or other instrument to which any such Person is a party which is continuing or which, if not cured, could reasonably be expected to cause a Material Adverse Effect.

Permits, Licenses, Etc. Each of the Borrower and its Subsidiaries possesses all permits, licenses, patents, patent rights or licenses, trademarks, trademark rights, trade names rights and copyrights which are material to the conduct of its business, except where the failure to possess any of the same could not reasonably be expected to cause a Material Adverse Effect; provided , however , that the Borrower has obtained and maintains in full force and effect all necessary licenses, permits, concessions or other governmental approvals related to any aspect of its banking business.

Each of the Borrower and its Subsidiaries manages and operates its business in accordance with all applicable Legal Requirements the failure to comply with which could reasonably be expected to cause a Material Adverse Effect. Compliance with Laws; Material Agreements. Neither the Borrower nor any of its Subsidiaries is in violation of any Legal Requirement the failure to comply with which could reasonably be expected to cause a Material Adverse Effect and is not in violation of any Legal Requirements relating to minimum capital or capital adequacy requirements, bank regulatory or supervisory compliance, liquidity in respect of foreign currency liabilities, social security, retirement funds or pensions.

Neither the Borrower nor any of its Subsidiaries is in violation of. Rank of Obligations. The claims of the Administrative Agent, the Lead Arrangers and Bookrunners, the Lead Arranger the Lenders against the Borrower under this Agreement and the Instruments rank at least pari passu in priority of payment and in all other respects with the claims of all its other unsecured and unsubordinated creditors save those whose claims are preferred solely by the laws of Chile relating to bankruptcy, insolvency, liquidation, or other similar laws of general application, taxes payable to Governmental Authorities, and wages, salaries, and other social security benefits of the employees of the Borrower.

No Immunity. In any proceeding taken in Chile or the United States of America in relation to this Agreement, the Borrower will not be entitled to claim for itself or any of its assets immunity including, without limitation, sovereign immunity from suit, execution, attachment or other legal process. Chilean Law Requirements. The qualification of the Administrative Agent or any Lender for admission to do business under the laws of Chile does not constitute a condition to, and the failure to so qualify does not affect the exercise by the Administrative Agent or such Lender of, any right, power, or remedy accorded it under any Credit Document.

The obligations of the Borrower under this Agreement and the other Credit Documents may be enforced by judgment and levy in accordance with their respective terms in a proceeding at law in any competent court in Chile. Chilean Tax Requirements.

Further, the C Term Loans are subject to a stamp tax equal to 0. If this representation is deemed made as of a date subsequent to the date hereof, the foregoing shall be deemed to be modified to incorporate any change in Chilean law or regulation or official interpretation thereof subsequent to the date hereof. Chilean Insolvency and Reorganization Rules. So long as any Loan or any amount under any Credit Document shall remain unpaid other than contingent indemnification obligations for which no claim has been made or any Lender shall have any Commitment hereunder, the Borrower agrees, unless the Majority Lenders shall otherwise consent in writing, to comply with the following covenants.

Compliance with Laws, Material Agreements, Etc. The Borrower will comply, and cause each of its Subsidiaries to comply, with all Legal Requirements of which the failure to comply could reasonably be expected to cause a Material Adverse Effect, and with all provisions of the Credit Documents material or not.

Without limiting the generality and coverage of the foregoing, the Borrower shall comply, and shall cause each of its Subsidiaries to comply, in all material respects, with all Material Agreements except to the extent that the failure to comply. Maintenance of Insurance. The Borrower will maintain and cause each of its Subsidiaries to maintain insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks as are usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which the Borrower or such Subsidiary operates.

Preservation of Corporate Existence, Etc. Payment of Taxes, Etc. Reporting Requirements. The Borrower will furnish to the Administrative Agent:. As soon as available and not later than 90 days after the end of the second quarter of each fiscal year of the Borrower, copies of the unaudited, consolidated, informal financial statements as of the six-month period then ended in Spanish filed by the Borrower with the Superintendencia de Bancos e Instituciones Financieras, together with a Compliance Certificate duly executed by the chairman of the board, chief executive officer, chief financial officer or the treasurer of the Borrower;.

Prompt written notice of any claims, litigation, proceedings, or disputes, or to the knowledge of the Borrower threatened, affecting the Borrower, or any of its Subsidiaries that, if adversely determined, could reasonably be expected to cause a Material Adverse Effect;. Such other information with respect to the business or Properties, or the condition or operations, financial or otherwise, of the Borrower, or any of its Subsidiaries, as any Lender through the Administrative Agent may from time to time reasonably request.

Maintenance of Property. Books and Records. The Borrower will keep, and will cause each Subsidiary to keep, adequate and proper records and books of account in which full and correct entries will be made of its dealings, business and affairs, so that the financial statements of the Borrower may be prepared in accordance with Chilean Banking GAAP. The Borrower will cause at all times that the claims of the Administrative Agent, the Lead Arrangers and Bookrunners, the Lead Arrangers and the Lenders against the Borrower under this Agreement will rank at least pari passu in priority of payment and in all other respects with the claims of all its other unsecured and unsubordinated creditors save those whose claims are preferred solely by the laws of Chile relating to bankruptcy, insolvency, liquidation or other similar laws of general application, taxes payable to Governmental Authorities, and wages, salaries and other social security benefits of the employees of the Borrower.

The Borrower shall notify the Banco Central de Chile and the Chilean Internal Revenue Service of the execution and delivery of this Agreement, the relevant Borrowing and the issuance or assignment of any Instruments, in each case as may be required by applicable Chilean Legal Requirements. Promptly after such notification, the Borrower shall provide to the Administrative Agent evidence thereof reasonably satisfactory to the Administrative Agent.

Change in Basis of Preparation of Financial Statements. Such notification shall be made at least 60 days in advance of any such change entering into effect. The Borrower shall not take any action in connection with the transactions contemplated hereby, the proceeds of the Borrowing or otherwise that could reasonably be expected to result in a violation of applicable Economic Sanctions Laws and Regulations by any party to this Agreement;. So long as any Loan or any amount under any Credit Document shall remain unpaid other than contingent indemnification obligations for which no claim has been made or any Lender shall have any Commitment hereunder, the Borrower agrees, unless the Majority Lenders otherwise consent in writing, to comply with the following covenants.

Limitation on Liens, Etc. The Borrower will not create, assume, incur, or suffer to exist, or permit any of its Subsidiaries to create, assume, incur, or suffer to exist, any Lien on any Property of the Borrower or any of its Subsidiaries, whether now owned or hereafter acquired, or assign any right to receive income, except Permitted Liens. Restricted Payments.

Agreements Restricting Liens and Distributions. Merger or Consolidation; Asset Sales. The Borrower will not, and will not permit any of its Subsidiaries to:. Affiliate Transactions. No Change in Line of Business. The Borrower will not, and will not permit any of its Subsidiaries to, engage in any business other than the respective businesses in which the Borrower and its Subsidiaries are engaged on the date of this Agreement and any business related or incidental thereto.

The Borrower shall at all times institute, maintain and comply with internal procedures and controls consistent with the laws of Chile and the United States, for the purpose of preventing the Borrower from being used for money laundering, the financing of terrorist activity, fraud or other corrupt or illegal purposes or practices.

Events of Default. Any Material Adverse Effect shall occur;. The Borrower shall deny its obligations under this Agreement or any other Credit Document;. Optional Acceleration of Maturity. Automatic Acceleration of Maturity. Non-exclusivity of Remedies. No remedy conferred upon the Administrative Agent or a Lender is intended to be exclusive of any other remedy, and each remedy shall be cumulative of all other remedies existing by contract, at law, in equity, by statute or otherwise.

Right of Set-off. Each Lender agrees promptly to notify the Borrower after any such set-off and application made by such Lender; provided , however , that the failure to give such notice shall not affect the validity of such set-off and application. Application of Payments. Appointment, Powers and Immunities. Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to act as its administrative agent under this Agreement and the other Credit Documents with such powers and discretion as are specifically delegated to the Administrative Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto.

The Administrative Agent may employ agents and attorneys-in-fact and shall not be responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon any certification, notice, instrument, writing, or other communication including, without limitation, any thereof by telephone or telecopy reasonably believed by it to be genuine and correct and to have been signed, sent or made by or on behalf of the proper Person or Persons, and upon advice and statements of legal counsel including counsel for the Borrower , independent accountants, and other experts selected by the Administrative Agent.

As to any matters not expressly provided for by this Agreement, the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting and shall be fully protected in so acting or refraining from acting upon the instructions of the Majority Lenders, and such instructions shall be binding on all of the Lenders; provided , however , that the Administrative Agent shall not be required to take any action that exposes the Administrative Agent to personal liability or that is contrary to any Credit Document or applicable law or unless it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking any such action.

In the event that the Administrative Agent receives such a notice of the occurrence of a Default or Event of Default, the Administrative Agent shall give prompt notice thereof to the Lenders. Rights as Lender. Such party acting as both Administrative Agent and a Lender and any successor acting as both Administrative Agent and a Lender and its Affiliates may without having to account therefor to any Lender accept deposits from, lend money to, make investments in, provide services to, and generally engage in any kind of lending, trust, or other business with the Borrower or any of its Subsidiaries or Affiliates as if it were not acting as Administrative Agent, and such party and any successor acting as both Administrative Agent and a Lender and its Affiliates may accept fees and other consideration from the Borrower or any of its Subsidiaries or Affiliates for services in connection with this Agreement or otherwise without having to account for the same to the Lenders.

Each Lender agrees that it has, independently and without reliance on the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis of the Borrower and its Subsidiaries and decision to enter into this Agreement and that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under the Credit Documents.

Except for notices, reports, and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the affairs, financial condition, or business of the Borrower or any of its Subsidiaries or Affiliates that may come into the possession of the Administrative Agent or any of its Affiliates.

Resignation and Removal of Administrative Agent. The Administrative Agent may be removed at any time upon the written request of the Majority Lenders. Upon any such resignation or removal, the Majority Lenders shall have the right to appoint a successor Administrative Agent in consultation with the Borrower. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor, such successor shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges, and duties of the retiring or removed Administrative Agent, and the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents.

The successor Administrative Agent shall notify the Lenders of its appointment and confirm its acceptance of all responsibilities under this Agreement. Lead Arrangers and Bookrunners; the Lead Arranger. Amendments, Etc. No amendment or waiver of any provision of this Agreement, the Instruments, or any other Credit Document, nor consent to any departure by the Borrower.

Notices, Etc. Breadon sc. Aston sc. Posting of Approved Electronic Communications. In consideration for the convenience and other benefits afforded by such distribution and for the other consideration provided hereunder, the receipt and sufficiency of which is hereby acknowledged, each of the Lenders and the Borrower hereby approves distribution of the Approved Electronic Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.

No Waiver; Remedies. No failure on the part of any Lender or the Administrative Agent to exercise, and no delay in exercising, any right hereunder or under any Instrument shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies provided in this Agreement are cumulative and not exclusive of any remedies provided by law.

Costs and Expenses; Stamp Taxes. Binding Effect. This Agreement shall become effective when it shall have been executed by the Borrower and the Administrative Agent, and when the Administrative Agent. Lender Assignments and Participations.

Upon execution, delivery, and acceptance of such Assignment and Acceptance and payment of the processing fee, the assignee thereunder shall be a party to this Agreement and, to the extent of such assignment, have the obligations, rights, and benefits of a Lender hereunder and the assigning Lender shall, to the extent of such assignment, relinquish its rights and be released from its obligations under this Agreement; provided , however , that the assigning Lender shall retain the indemnification and reimbursement to which it was entitled prior to the effective date of the assignment.

When a Lender assigns to an assignee only part of its rights and obligations under this Agreement and such part is in respect of a principal amount of the Loan which is evidenced by the Recognition of Debt, the Borrower shall issue one or more replacement Recognitions of Debt in favor of the relevant Lender and the assignee. The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement.

The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including, without limitation, any pledge or assignment to secure. Indemnity by Borrower.

Confidentiality; K-Y-C Rules. The Borrower hereby agrees to provide to any Lender any of the foregoing information that such Lender is so required to obtain, verify or record. Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties to this Agreement in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

Delivery of counterparts hereto via telecopier shall be as effective as delivery of original counterparts. Survival of Representations, Etc. All obligations of the Borrower provided for in Sections 2. In case one or more provisions of this Agreement or the other Credit Documents shall be invalid, illegal or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the remaining provisions contained herein or therein shall not be affected or impaired thereby.

Governing Law. Consent to Jurisdiction; Language. Currency Indemnity. Contractual Currency equal to the deficit; if it is more, the receiving Administrative Agent or Lender will forthwith on demand pay to the Borrower an amount in the Contractual Currency equal to the excess; and. Complete Agreement. Waiver of Jury. Waiver of Immunities. To the extent permitted by applicable law, if the Borrower has or hereafter may acquire any immunity sovereign or otherwise from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process whether service or notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise with respect to itself or any of its property, the Borrower hereby irrevocably waives and agrees not to plead or claim such immunity in respect of its obligations under any Credit Document.

The Borrower agrees that the foregoing waiver shall have the fullest extent permitted under the Foreign Sovereign Immunities Act of of the United States of America and is intended to be irrevocable and not subject to withdrawal for purposes of such Act. International Banking Facilities. The Borrower understands it is the policy of the Federal Reserve Board that extensions of credit by international banking facilities as.

Fernando Burgos. General Manager. CorpBanca New York Branch. Joaquin Rojas. VP Treasury. Huixian Yeo. Associate Director. Capital Markets. Elsa Y. Vice President. Nicole Freeman. Managing Director. Sybille Matussek. Alexander Serov. Robert K. Credit Documentation Manager. Kristy Ward. Leslie Munroe. AVP Corporate. BAC Florida Bank. Lenders and Loans. Notice Information. Applicable Lending Office. Attention: Jesus Beltran. Telephone: Attention: Anna Maria Pannella. Telecopy: Address: 10F, NO.

Road, Taipei, Attention: Vita Huang. Attention: Muriel Velasquez. Telephone: 56 2 Telecopy: 56 2 Attention: Paul Lopez. Address: 2F, 38, Sec. Attention: Rachel Chou. Attention: John Ewing. Attention: Jason Huang. Attention: Martha Civiletti. Attention: Jason Desroches. Attention: Petra Braunsperger.

Attention: David Robinson. Telephone: ext. Attention: Yolanda Rodriguez. Address: South College St. Attention: Lori Hartman. Unless otherwise defined herein, capitalized terms herein are used as defined in the Credit Agreement.

Following the execution of this Assignment and Acceptance, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent. Upon such acceptance and recording by the Administrative Agent, from and after the Effective Date, the Administrative Agent shall make all payments under the Credit Agreement and the Instruments in respect of the interest assigned hereby including, without limitation, all payments of principal, interest and facility fees with respect thereto to the Assignee.

The Assignor and Assignee shall make all appropriate adjustments in payments under the Credit Agreement and the Instruments, for periods prior to the Effective Date directly between themselves. This Assignment and Acceptance shall be governed by, and construed in accordance with, the laws of the State of New York. This Assignment and Acceptance may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

Delivery of an executed counterpart of Schedule 1 to this Assignment and Acceptance by any telecommunication device capable of creating a written record including electronic mail shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. A Term Loans.

B Term Loans. C Term Loans. Effective Date if other than date of acceptance by Administrative Agent :. This date should be no earlier than five Business Days after delivery of this Assignment and Acceptance to the Administrative Agent. Such interest shall be payable in each Interest Payment Date, as defined below. The Borrower, also, unconditionally promises to pay on demand default interest on any principal of or interest on this Note not paid when due, for each day until paid at a rate per annum equal to the sum of 2.

Default interest shall be payable on demand upon written notice of the holder hereof and shall accrue from the date such amount was due until the same is paid in full. London time on the second Business Day prior to the commencement of any such Interest Period, provided that, if such Reuters Screen LIBOR01 Page is not available or if no such rate is quoted for the relevant Interest Period, then LIBOR shall mean the average of the offered quotation of two or more Reference Banks selected by the Administrative Agent from among major banks in the London interbank market for Dollar deposits of amounts comparable to the outstanding principal amount hereof, with maturities comparable to the respective Interest Period.

General Provisions as to Payments. Summary Company Outlook. Amounts are as of and compensation values are for the last fiscal year ending on that date. Pay is salary, bonuses, etc. Exercised is the value of options exercised during the fiscal year. Scores indicate decile rank relative to index or region. A decile score of 1 indicates lower governance risk, while a 10 indicates higher governance risk. Advertise With Us. All rights reserved. Data Disclaimer Help Suggestions.

Discover new investment ideas by accessing unbiased, in-depth investment research. Gabriel Amado de Moura. Chief Exec. Rodrigo Luis Rosa Couto. Chief Financial Officer. Jorge Novis Neto. Director of Operations.

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