The new alliance between Itaú and Rappi will bring greater
SANTIAGO, Chile, March 29, 2021 (GLOBE NEWSWIRE) – ITAÚ CORPBANCA (NYSE: ITCB; SSE: ITAUCORP) today announced a new alliance with Rappi that will bring greater financial inclusion to Chile. This initiative builds on the experience and support of Itaú and Rappi.
This agreement aims to revolutionize the local financial market with simple, innovative and unique digital products, allowing a growing number of individuals to access new financial solutions in an agile and digital way.
With this initiative, Itaú and Rappi seek to democratize financial services, promote greater inclusion and, at the same time, simpler and faster digitization that brings broad benefits to users.
“At Itaú, we want to be where our customers need us and we are delighted to offer them new simple, useful and accessible platforms, making their daily lives easier and guiding them through their financial needs. Itaú and Rappi are recognized digital players, and this alliance will allow us to reach a growing number of individuals, ”said Gabriel Moura, CEO of Itaú Corpbanca.
“This alliance is a big step towards transforming the local financial system, through collaborative work between two companies that are experts in what they do and focused on the digitization of processes and services. Innovation is part of our entrepreneurial DNA and together with Itaú we will now also offer financial solutions, ”said Isaac Cañas, CEO of Rappi Chile.
According to Itaú and Rappi, they expect the new offering of digital financial products and services to be available in the third quarter of this year, through this new business model emerging from this alliance.
About Itaú Corpbanca
ITAÚ CORPBANCA (NYSE: ITCB; SSE: ITAUCORP) is the entity resulting from the merger of Banco Itaú Chile with and in Corpbanca on April 1, 2016. The current ownership structure is: 39.22% owned by Itaú Unibanco, 27.16% owned by the Saieh family and 33.29 % held by minority shareholders. Itaú Unibanco is the sole majority shareholder of the merged bank. In this context and without limiting the foregoing, Itaú Unibanco and CorpGroup have signed a shareholders’ agreement relating to corporate governance, dividend policy (based on performance and capital indicators), transfer of stocks, liquidity and other matters.
The bank is the fifth largest private bank in Chile and, according to its mandate, is the banking platform for future expansion in Latin America, particularly Chile, Colombia and Peru. Itaú Corpbanca is a Chile-based commercial bank with additional operations in Colombia and Panama. In addition, Itaú Corpbanca has a branch in New York and a representative office in Lima. Focused on large and medium-sized businesses and individuals, Itaú Corpbanca offers universal banking products. In 2012, the bank began a process of regionalization and, as of the date hereof, acquired two banks in Colombia ‒Banco Corpbanca Colombia and Helm Bank‒, thus becoming the first Chilean bank with banking subsidiaries abroad. The merger with Banco Itaú Chile and the business combination of our two banks in Colombia represent the continued success of our regionalization process.
As of December 31, 2020, according to the Chilean Financial Market Commission, Itaú Corpbanca was Chile’s fifth-largest private bank in terms of the overall size of its customer loan portfolio, accounting for 9.9% market share. As of the same date, according to the Colombian Superintendent of Finance, Itaú Corpbanca Colombia was the eighth largest bank in Colombia in terms of total loans and the ninth in terms of total deposits, according to local regulatory and accounting principles. As of December 31, 2020, its market share through loans reached 4.0%.
Rappi is a great application that fulfills the role of personal assistant and makes life easier for its users. It was founded by Colombians Simón Borrero (CEO), Sebastián Mejía and Felipe Villamarín in Bogotá in 2015.
In March 2016, she joined Y Combinator, the world’s largest technology company accelerator and was the first company to reach one million orders delivered in Latin America. In the second half of 2018, Rappi was recognized as a unicorn company, valued at US $ 1.0 billion.
In 2019, they received an investment of up to US $ 1.0 billion from SoftBank Group Corp. and SoftBank Vision Fund. This investment is the largest of its kind for a Latin American-based tech company. Rappi has been present in Chile since June 2018, in addition to being present in Colombia, Mexico, Costa Rica, Brazil, Ecuador, Uruguay, Argentina and Peru.
Investor relations – Itaú Corpbanca