Financial Services Industry
Industry: Email Alert RSS FeedChilean Bank Places ADRs
Global Finance, Jan 2004
Corpbanca, Chile's sixthlargest bank, raised $230 million with the sale of a 23.3% interest in the company. Half of the shares were placed in the US market as American depositary receipts under Regulation S.
Bank of New York is the depositary for the sponsored ADR program. Each ADR is equivalent to 5,000 of the bank's ordinary shares.
In November 2002 Corpbanca became the first company to list on the emerging companies' section of the Santiago Stock Exchange. The bank focuses primarily on retail banking.
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Regulation S sets rules governing offers and sales made without registration with the US securities and Exchange Commission. Moody's Investors Service in August 2003 withdrew all of its ratings for the bank at the request of the company.
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