Banco CorpBanca Colombia Acquires 52% Stake In Helm Bank For $1.32 Bln

(RTTNews) - Banco CorpBanca Colombia, a unit of CorpBanca (BCA), Wednesday said it has acquired control over Helm Bank SA for approximately $1.32 billion. The acquisition and the planned merger of Helm Bank S.A. will consolidate the company's Colombian operations.

Under the terms of transaction, CorpBanca Colombia has acquired 51.6 percent of Helm Bank S.A., acquiring control over the Bank and its subsidiaries. Following the closing of Helm Corporation's purchase of equity in CorpBanca Colombia, Helm Bank S.A. will merge with and into CorpBanca Colombia.

The company undertook an equity capital increase of approximately $1.0 billion, in order to fund the acquisition. The balance of the purchase price was satisfied through Corpbanca Colombia's own resources.

Consequently, CorpBanca will maintain its controlling position in CorpBanca Colombia with a 66.4 percent interest, while Helm Corporation will obtain 20.9 percent of the equity.