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At Simplicity, we faced the largest merger in the history of Chile’s financial system: CorpBanca and Itaú, announced in January 2014. The process faced opposition from an activist fund that launched a smear campaign against the merger in Chile and the United States, even initiating a lawsuit in the latter country.
We countered the unfounded accusations with a communications policy of total transparency, unprecedented in transactions of this kind in Chile. We demonstrated across markets that the operation added value for all shareholders and complied with all existing regulations.
Faced with the initial smear campaign, we responded with full transparency, clarifying the true scope of the agreement. In April 2014, Cartica challenged the operation, filing lawsuits in both Chile and the United States. In response, we maintained open and transparent communication with shareholders, who ultimately had the responsibility to approve or reject the merger. The operation gained the support of a large majority of CorpBanca shareholders, securing its success.
This merger positioned Itaú as the 4th largest private bank in Chile.
