A PYMNTS Company

Chile/Brazil: Minority shareholder fights mega bank merger

By  |  March 11, 2014

A minority shareholder in Chilean bank CorpBanca will fight the bank’s planned merger with Brazil’s local unit Itau Unibanco Holding, say reports.

Teresa Barger, senior managing director at Cartica Capital, has sent two letters to CorpBanca’s board of directors, alleging that some bank managers and the controlling shareholder have attempted to thwart attention from concerns raised by Cartica

Cartica owns about 3.2 percent of CorpBanca, according to reports. The asset manager is reportedly concerned that CorpGroup, the parent company of CorpBanca, will benefit more than minority shareholders from the proposed merger.

Full Content: Wall Street Journal

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.