/EINPresswire.com/ -- SANTIAGO, CHILE -- (Marketwired) -- 05/13/16 -- ITAÚ CORPBANCA (NYSE: ITCB) (SSE: ITAUCORP) announced today its financial results for the first quarter ended March 31, 2016. Itaú CorpBanca is the entity resulting from the merger of Banco Itaú Chile (BIC) with and into CorpBanca on April 1, 2016. After the merger, the surviving entity's name changed to "Itaú CorpBanca". The legal acquisition of BIC by CorpBanca is deemed a reverse acquisition pursuant to standard No. 3 of the International Financial Reporting Standards (or IFRS). BIC (the legal acquiree) is considered the accounting acquirer and CorpBanca (the legal acquirer) is considered the accounting acquiree for accounting purposes. In this context, CorpBanca's 1Q 2016's results presented here will not be part of Itaú CorpBanca's historical financial results, because BIC is deemed to be the predecessor entity.

In light of the foregoing, this report is based on both CorpBanca's and BIC's unaudited financial statements prepared in accordance with the Compendium of Accounting Norms of the Superintendence of Banks and Financial Institutions (Superintendencia de Bancos e Instituciones Financieras, or the SBIF) pursuant to Chilean Generally Accepted Accounting Principles (Chilean GAAP) which conform with the international standards of accounting and financial reporting issued by the International Accounting Standards Board (IASB) to the extent that there are not specific instructions or regulations to the contrary by the SBIF. Based on this and for the purposes of analysis, we have prepared a pro forma for balance sheet but not for results since CorpBanca's 1Q 2016's results presented here will not be part of Itaú CorpBanca 2016's results but part of the equity of the merged bank.

Solely for the convenience of the reader, U.S. dollar amounts (US$) in this report have been translated from Chilean nominal peso (Ch$) at our internal exchange rate as of March 31, 2016 of Ch$667.08 per U.S. dollar. Industry data contained herein has been obtained from the information provided by the SBIF. Additionally "Year over Year" (YoY) states for the comparison between 1Q 2016 and 1Q 2015 and "Quarter over Quarter" (QoQ) states for the comparison between 1Q 2016 and 4Q 2015;

For more information, please refer to the following link:
http://www.capitallink.com/press/2016_Q1_Earnings_Release.pdf

CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking information is often. but not always. identified by the use of words such as "anticipate". "believe". "expect". "plan". "intend". "forecast". "target". "project". "may". "will". "should". "could". "estimate". "predict" or similar words suggesting future outcomes or language suggesting an outlook. These forward-looking statements include. but are not limited to. statements regarding benefits of the pending Itaú Chile-CorpBanca's merger. integration plans and expected synergies. the expected timing of completion of the transaction. anticipated future financial and operating performance and results. including estimates for growth. as well as risks and benefits of changes in law. including the New Tax Law. These statements are based on the current expectations of CorpBanca's management. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. For example. (1) CorpBanca and Itaú Unibanco may be unable to obtain shareholder approvals required for the merger; (2) CorpBanca and Itaú Unibanco may be unable to obtain regulatory approvals required for the merger. or required regulatory approvals may delay the merger or result in the imposition of conditions that could have a material adverse effect on the combined company or cause CorpBanca and Itaú Unibanco to abandon the merger; (3) conditions to the closing of the merger may not be satisfied; (4) an unsolicited offer of another company to acquire assets or capital stock of Itaú Unibanco or CorpBanca could interfere with the merger; (5) problems may arise in successfully integrating the businesses of CorpBanca and Itaú Unibanco. which may result in the combined company not operating as effectively and efficiently as expected; (6) the combined company may be unable to achieve cost-cutting synergies or it may take longer than expected to achieve those synergies; (7) the credit ratings of the combined company or its subsidiaries may be different from what CorpBanca and Itaú Unibanco expect; (8) the businesses of CorpBanca and Itaú Unibanco may suffer as a result of uncertainty surrounding the merger; (9) the industry may be subject to future regulatory or legislative actions that could adversely affect CorpBanca and Itaú Unibanco; and (10) CorpBanca and Itaú Unibanco may be adversely affected by other economic. business. and/or competitive factors. Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently available to CorpBanca's management. Although management considers these assumptions to be reasonable based on information currently available to it. they may prove to be incorrect. By their very nature. forward-looking statements involve inherent risks and uncertainties. both general and specific. and risks that predictions. forecasts. projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs. plans. objectives. expectations and anticipations. estimates and intentions expressed in such forward-looking statements. More information on potential factors that could affect CorpBanca's financial results is included from time to time in the "Risk Factors" section of CorpBanca's Annual Report on Form 20-F for the fiscal year ended December 31. 2014. filed with the SEC. Furthermore. the forward-looking statements contained in this press release are made as of the date of this press release and CorpBanca does not undertake any obligation to update publicly or to revise any of the included forward-looking statements. whether as a result of new information. future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

CONTACT INFORMATION:
Eugenio Gigogne
CFO
CorpBanca
Santiago, Chile
Phone: (562) 2660-2555
IR@corpbanca.cl

Claudia Labbe
Head of Investor Relations
CorpBanca
Santiago, Chile
Phone: (562) 2660-2555
claudia.labbe@corpbanca.cl

Nicolas Bornozis
President
Capital Link
New York, USA
Phone: (212) 661-7566
nbornozis@capitallink.com

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