Corporate Communication

Itaú Unibanco Holding S.A. and Cencosud sign agreement to expand financial retail business in Chile and Argentina

 After months of negotiations in São Paulo and Santiago, the companies signed an agreement which sees Itaú Unibanco taking a 51% participating interest in Cencosud’s financial retail business in both countries.

 Under the transaction, Banco Itaú Chile and Banco Itaú Argentina would purchase shares in credit card administrator Cencosud (CAT) for a total amount of US$307 million, including the acquisition of 51% of both companies’ equities.

 Moreover, Itaú group would finance 100% of the credit card portfolio in both countries, amounting to approximately US$1.3 billion.

Santiago, June 17, 2013.- With the aim of leveraging the credit card business and taking on the financial sector’s ongoing challenges both in Chile and in Argentina, Itaú Unibanco and Cencosud, two leading companies in their respective industries that are recognized for the excellence and quality of their services, entered into a binding agreement to jointly develop the financial retail business in a partnership that will see Itaú holding a 51% interest and Cencosud the remaining 49%.The operation sees Itaú Chile purchasing shares in credit card administrator Cencosud (CAT), and Itaú’s subsidiary in Argentina acquiring an interest in the Argentinian business, for a total amount of US$307 million, including the acquisition of 51% of both companies’ equities. Moreover, the agreement will see Itaú financing 100% of the credit card portfolio in both countries, which amounts to approximately US$1.3 billion. This partnership, which underlines a new trend for the financial industry in Chile, is consistent with leveraging the credit processes and delivering increased and improved benefits to its clients. Over 3 million credit card clients will benefit from this alliance in both countries, immediately acquiring access to new products and financial services. This is reinforced by Itaú bank’s prestige and international experience and Cencosud’s solidity and seriousness through its brands Jumbo, Santa Isabel, Paris, Easy, Johnson and its shopping center portfolio. The agreement, which lasts for 15 years and can be further extended upon both parties’ consent, includes the conditions necessary for the successful completion of this partnership. The parties will work to conclude such terms within the next 90 days. The transaction’s conclusion will be subject to approval by regulatory agencies in Chile, Argentina and Brazil. This partnership is part of Cencosud's long-term strategic plan to boost the financial services it offers its clients without allocating its own resources, along the lines of the model it has already successfully developed within its Brazilian and Colombian operations. The agreement will enable Itaú to accelerate its growth plan by strengthening its market position in a sustainable manner in two countries deemed strategic by the holding company. Once the agreement is concluded, both companies will seek to identify synergies, leading to reduced costs and multiple benefits to clients.

About Cencosud  Cencosud is one of the largest multi-brand retailers in Latin America, with over 150,000 employees and operations in Chile, Brazil, Colombia, Peru, Argentina and China.  Cencosud operates through multiple formats, including supermarkets, home improvement, shopping centers and department stores. The company operates 4.5 million m² of sales area (March 2013).  With over 1,000 stores in the region and revenues of over US$20,017 billion (LTM), Cencosud is recognized for its customer service and high-quality products, operating under the brands Jumbo, Wong, Paris, Easy, Prezunic, and others.  Its shares are trades in the Santiago Stock Exchange, Electronic Exchange, Valparaíso Stock Exchange and New York Stock Exchange.

About Banco Itaú Chile

Corporate Communication – Itaú Unibanco +5511 5019-8880/8881 / [email protected]

 Itaú Chile started its operations in February 2007 and now has 92 offices, 2,450 employees and net assets of approximately US$1.2 billion, with total net revenue of US$124 million at the end of 2012 and total assets of US$11 billion.  Of the country’s 10 largest banks, Itaú Chile has the highest credit growth.

About Banco Itaú Argentina Banco Itaú Argentina has a network of 76 units in the metropolitan area of Buenos Aires, La Plata, Mar del Plata, Rosario, Mendoza, Córdoba, San Miguel de Tucumán, Salta and Neuquén. It also has 23 branches inside of large companies. With 1.700 employees, 400 thousand clients and assets of US$ 12,151 billion.

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