Itaú CorpBanca Conference Call
Itaú CorpBanca Representatives Today’s Presenters Milton Maluhy – Chief Executive Officer Mr. Maluhy joined Itaú Unibanco in 2002 and became a partner in 2010. Previously, he was CEO of Rede S.A. (Redecard), a card processing subsidiary and Executive Director at Itaú Unibanco, responsible for the management of the credit card segment and retail store alliances. Previously, he worked at Itaú BBA, holding leadership positions in areas such as international, products, operations, treasury, and trading desk. Prior to joining the bank, he worked at J.P. Morgan Crédit Commercial de France (CCF Brasil), and Lloyds TSB. Mr. Maluhy holds a B.A. in Business Administration from Fundação Armando Álvares Penteado – FAAP. Gabriel Moura – Chief Financial Officer Mr. Moura joined Itaú Unibanco in 2000 and became an associate partner in 2010. He has more than 20 years of experience in asset management, risk management, finance and M&A. Mr. Moura held the position of Chief Investment Officer for Itaú’s pension funds, endowments and insurance businesses. He was also Chief Risk Officer for Wealth Management as well as member of the Board of Directors of different companies in Brazil and abroad. Prior to joining the bank, he worked at BBVA Asset Management and Itaú Bankers Trust. Mr. Moura holds a M.B.A. from the Wharton School at the University of Pennsylvania, USA. Claudia Labbé – Head of Investor Relations Ms. Labbé has held the position of Head of Investor Relations in CorpBanca since 2011 and has more than 20 years of experience in the financial industry. Prior to joining CorpBanca, she was Head of Financial Institutions at Feller Rate, a former local affiliate of Standard & Poor’s . 1 Itaú CorpBanca
1 Itaú Unibanco Holding
Itaú Unibanco Highlights Regional Presence (as of 31/12/2015) (Itaú + CorpBanca pro forma ) Itaú in Latin America* 550 branches 13.7 thousand employees US$ 55 billion in assets • Itaú Unibanco has a US$ 55 *As of Dec.31, 2015 - excluding Brazil billion¹ Market Capitalization , with shares listed in São Paulo, New York and Buenos Aires Stock Colombia 1 Markets Branches and CSBs: 177 Employees: 3.7 Thousand • The Bank is present in 19 Peru 2 Assets: US$ 10.8 Billion countries, in the Americas, Rep. Office Europe and Asia, with over 90 Uruguay (includes OCA) thousand employees, 5 Paraguay thousand branches and 26 Branches and CSBs: 24 Branches and CSBs 3 : 37 OCA service sites: 36 thousand ATMs Employees: 799 Employees: 1.2 Thousand Assets: US$ 3.1 Billion Assets: US$ 4.4 Billion Chile • More than 60 million clients Argentina Branches and CSBs: 223 Branches and CSBs: 89 Employees: 6.4 Thousand Employees: 1.6 Thousand Assets: US$ 33.4 Billion Assets: US$ 2.5 Billion 1 Includes information of the operations of CorpBanca in Panamá; 2 Rep. office in Peru is part of Itaú CorpBanca; 3 CSBs: 1 – As of Apr/15/2016. Calculated based on the closing price of Client Service Branches (Puestos de Atención) the ADR in the NYSE multiplied by the number of outstanding Source: Itaú Unibanco: Financial Statements. CorpBanca: Superintendency of Banks and Financial Institutions (SBIF) and shares. Financial Statements 3 Itaú CorpBanca
Latam within Itaú Unibanco Breakdown by Country US$ Billion BEFORE AFTER Total Latam Assets US$ 55 Bn Itaú ARG 5% Assets¹ Itaú Corp CHL 62% 7% 15% 25 82% 55 323 323 Itaú Corp COL 20% Itaú PRY 6% Itaú URY 8% Total Latam Loans US$ 38 Bn Itaú ARG 5% 18 14% Itaú Corp CHL 64% Loans¹ 104 39 27% 104 85% Itaú Corp COL 21% Itaú PRY 5% Itaú Latam Itaú Latam Itaú URY 5% Brazil and w/o CorpBanca with CorpBanca Other Countries 1 – Considering a BRL 3.9048 per 1.00 USD conversion rate, as of Dec/31/2015. Source: Itaú Unibanco: Financial Statements. CorpBanca: Superintendency of Banks and Financial Institutions (SBIF) and Financial Statements as of December 31, 2015. 4 Itaú CorpBanca
2 Itaú CorpBanca
Shareholders Structure after Merger Shareholders - % Total share capital 3rd largest Market Cap among Peers April, 2016 April 14, 2016 10.23 ITAÚ CORPBANCA 9.33 #3 Total shares: 512,406,760,091(100%) US$BN Itaú Saieh IFC Others 4.62 4.59 Unibanco Family 1 1.42 33.58% 33.13% 3.32% 29.97% PEER-A PEER-B ITAUCORP PEER-C PEER-D ADRs holders and Foreign investors 14.08% Securities Brokerage 6.74% Santo Domingo Group 1.92% Insurance Companies 1.58% AFPs 0.32% Note: Figures were converted at an exchange rate of Ch$670.80/US$1 (as of April 14, 2016). Other minority shareholders 5.33% Source: Santiago Stock Exchange. 1 Includes 802,125,023 shares owned by Saga that are under custody. Source: Itaú CorpBanca. 6 Itaú CorpBanca
Strong Corporate Governance Chairman Jorge Andrés Saieh Guzmán Vice Chairman Board of Directors Ricardo Villela Marino Directors Jorge Selume Zaror Candido Botelho Bracher João Lucas Duchene* Fernando Aguad Dagach Boris Buvinic Guerovich Fernando Concha Ureta* Boris Nicolás Abovic Wiegand Gustavo Arriagada Morales* Héctor Valdés Ruiz* Alternate Directors José Luis Mardones Santander* Camilo Morales Riquelme (*) Independent Director under Chilean corporate law. • Itaú Unibanco and CorpGroup appoint the majority of the members of the board of directors Pursuant to the Shareholders Agreement, the Directors appointed by Itaú Unibanco and • CorpGroup shall vote together as a single block according to Itaú Unibanco’s recommendation 7 Itaú CorpBanca
Senior Management Structure BOARD OF DIRECTORS Audit Committee Itaú CorpBanca Chief Executive Officer Milton Maluhy CorpBanca Colombia CEO Comptroller Jaime Munita José Manuel Mena Wholesale Retail Treasury Marketing & CRO CFO IT & Operations Legal & Human José Francisco Victor Orellana Pedro Silva Products José Valencia Gabriel Moura Luis Rodrigues Compliance Resources Sánchez Rogério Braga Cristián Canales Marcela Jiménez 8 Itaú CorpBanca
Itaú CorpBanca at a glance Pro forma 1 Consolidated Financial and Operating Highlights Dec 31, 14 Dec 31, 15 4 th largest private bank by loans in Total Assets (US$BN) 39.7 41.4 Chile Total Loans 2 (US$BN) 28.7 30.5 Total Deposits (US$BN) 23.7 25.1 5 th largest bank by loans in Equity attributable to shareholders 3 (US$BN) 4.0 3.8 Colombia Net Income attributable to shareholders 4 (US$MN) 439 431 Loan Loss Allowances / Total Loans 2.1% 2.2% Branches 395 395 ATMs 664 668 Headcount 9,895 10,016 Pro forma Loan Portfolio Breakdown December 2015 M ortgage Consumer 20% Commercial 22% 68% Colombia Chile 24% 76% Commercial C onsumer 72% 8% Mortgage 10% 1 Pro forma financials do not include merger effects; 2 Gross Loans; 3 Includes US$553 million of capital increase in Banco Itaú Chile; 4 For 2014 Net Income considers US$45 million of pre integration expenses and for 2015 it considers US$50 million of pre-integration expenses and US$30 million of the SBIF fine imposed to CorpBanca. Note: Figures expressed in USD were converted at CLP 710.32/USD (as of December 31, 2015); Source: CorpBanca and Banco Itaú Chile financials. 9 Itaú CorpBanca
Regional Platform Market Share by Loans in Chile 1,2 Market Share by Loans in Colombia 1,3 #4 #5 28% 18% 18% 23% 15% 12% 10% 14% 11% 7% 7% 6% 5% 6% 5% 4% 3% 3% 2% 2% Peer-B Peer-A Peer-C ITAÚ-CORPBANCA* CorpBanca Peer-D Peer-E Itaú Others Peer-A Peer-B Peer-C Peer-D CorpBanca Peer-E Peer-F Peer-G Peer-H Peer-I Others * Pro forma 1 Company management and filings with local regulatory authorities as of 12.31.2015. 2 Pro forma rankings showing private banks only, based on gross loans as reported to the SBIF and SFC, excluding loans from CorpBanca Colombia. Including loans from Colombia, Itaú CorpBanca would have a loan market share of 15.2% in Chile. 3 Based on gross loans as reported to the SFC. Peer-A in Colombia includes aggregate gross loans for different banks of the same group. 10 Itaú CorpBanca
Business Mix Loans breakdown by segment US$ MN as of December 31, 2015 Interest rate 2 (%) Avg Itaú Top 3 CorpBanca 32,518 34,344 22,640 22,130 100% = 1 8 7.5 13 15.1 Current 15 15.5 Consumer 16 20 8.2 8.0 Top 3 interest rate 7.6 22 w/ current mix 25 Mortgage 30 Current interest rates 8.2 w/ Top 3 mix 8.2 Top 3 72 6.5 6.5 65 60 Commercial 54 Mix difference explains most of the Yield gap with the Top 3 Total Peer-A Peer-B Peer-C 8.2 7.5 Note: Exchange rate CLP/710.32/USD (as of December 31, 2015). 1 Yearly average gross loans; 2 Loan interests by segments; Source: SBIF; CorpBanca; Team Analysis. 11 Itaú CorpBanca
Funding Mix Funding Breakdown US$ MN as of December 31, 2015 Interest rate (%) Avg Itaú Top 3 CorpBanca 37,925 42,941 31,125 27,541 100% = 0.1 0.1 12 3.5 Current Checking accounts & 24 25 28 Demand Deposits Top 3 interest rate 3.1 w/ current mix 3.4 3.8 50 Current interest rate 38 38 2.9 w/ Top 3mix Time Deposits 36 Top 3 2.6 16 20 5.7 6.7 21 Debt Issued 21 Non-interest bearing liabilities are the main reason for the gap when compared to the 21 top 3 players 1.0 1.2 18 17 Others 14 Total Peer-A Peer-B Peer-C 2.6 3.5 Note: Exchange rate CLP/710.32/USD (as of December 31, 2015). Source: SBIF; CorpBanca; Team Analysis. 12 Itaú CorpBanca
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