CorpBanca, has announced it has acquired Helm Bank, Colombia’s 9th largest bank by assets, through a merger between it and the parent company’s Colombian subsidiary, Banco CorpBanca Colombia.
Banco CorpBanca Colombia, the country’s 12th largest bank by assets, now has 51.6 % of total shares in Helm Bank, acquiring control over Helm’s subsidiaries in Panama and the Cayman Islands.
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The deal was closed on August 6th after regulatory authorisations was received from the relevant agencies in Chile, Colombia, Panama and the Cayman Islands.
As a result of the merger CorpBanca Colombia will become the 5th largest in Colombia in terms of loans.
CorpBanca Colombia said in a statement: "We believe that the Colombian banking industry has great potential for growth. As of May 2013, Banco CorpBanca Colombia held 3.0% of the market participation in loans and 2.6% in total deposits from the public. Banco CorpBanca Colombia has shown increasing returns, registering an average equity return of 24.3% for the 12 months ending May 2013."
Initially the CorpBanca Colombia and Helm Bank will continue to operate separately but CorpBanca has already selected a management team for the new integrated bank.
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