<img src="https://ml.globenewswire.com/Resource/Download/7826d4c5-d08a-4281-84d3-e8cdf38b9985?size=2" nborder="0" align="left" hspace="5" vspace="5" title="bancoitauchile_logo.jpg" alt="Banco Itaú Chile"/>The transaction was completed at book value, significantly reduces risk-weighted assets, and enables capital to be concentrated in businesses with greater profitability potentialSANTIAGO, Chile, July 31, 2026 (GLOBE NEWSWIRE) -- Itaú Chile announced that, as part of the strategic transformation process underway in Colombia, Banco Itaú Colombia S.A. completed the sale of its Retail Banking business today to Banco de Bogotá S.A. and Banco de Bogotá Panamá, following the fulfillment of all applicable conditions, including authorization from the Financial Superintendence of Colombia. The transaction represents a key milestone in Itaú Colombia’s strategic transformation. The retail business operated at a limited scale, which structurally constrained its profitability. Accordingly, Itaú Colombia will focus on its Corporate Banking, Treasury, and specialized financial subsidiary businesses, allocating its capital to businesses with greater profitability potential. The transaction, announced to the market in December 2025, involved the transfer of a portfolio of approximately 267,000 customers, with nearly COP$6.45 trillion in consumer and mortgage loans and approximately COP$4.80 trillion in deposits. The final transaction price was calculated based on the book value of the assets and liabilities subject to the transfer and amounted to approximately COP$1.64 trillion, subject to the customary contractual adjustments applicable to this type of transaction. The closing of the transaction will result in an estimated total extraordinary after-tax impact of approximately COP$561.7 billion. Of this amount, COP$505 billion was recognized as of the end of July, while approximately COP$56.7 billion is expected to be recognized during the remaining months of 2026. These impacts are extraordinary and non-recurring in nature and are primarily related to restructuring costs and the unwinding of hedges associated with the transferred business. The transaction will reduce risk-weighted assets by approximately COP$3.8 trillion, significantly lowering the capital intensity and risk profile of the Colombian balance sheet. In addition, the COP$240 billion capital increase completed during July strengthens the capital base and supports the growth of the Wholesale Banking operation. Itaú Colombia will now concentrate its efforts on Corporate Banking, Treasury, and its specialized subsidiaries. The new operating model will have a simpler and more flexible structure. “This transaction does not represent an exit from the Colombian market, but rather a reallocation of capital toward the businesses in which we have scale, regional capabilities, and a differentiated value proposition. Closing the transaction at book value, the significant reduction in risk-weighted assets, and a more flexible balance sheet structure will enable us to build a more efficient operation that is less capital-intensive and has greater profitability potential. Our objective is for our Colombian operation to achieve returns in line with its cost of capital by the end of 2028 and to continue playing a strategic role within Itaú’s regional platform,” said André Gailey, CEO of Itaú Chile. Investor Relations – Itaú Chile IR@itau.cl / ir.itau.cl <img alt="" src='https://ml.globenewswire.com/media/ZWM5YTMzODAtZDJlMC00M2RlLTg0YzctZmQ4MjQyOTM1Yjk0LTExNjgzMjAtMjAyNi0wNy0zMS1lbg==/tiny/Banco-Ita-Chile.png' referrerpolicy='no-referrer-when-downgrade' />

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Itaú Successfully Completes the Transfer of Its Retail Banking Business in Colombia and Strengthens Its Focus on Corporate Banking

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