From billionaire to bankruptcy: Álvaro Saieh's Corp Group Banking defaulted on its debt and declared bankruptcy in June 2021. The sale in June 2022 of his art collection did not meet Christie's expectations.On Thursday, June 9, auction house Christie’s sold “masterworks” from the Alana Collection, what it calls “one of the most important collections of Italian Old Master paintings, sculptures and Antiquities” ever offered for sale in New York.
According to a Christie’s April announcement, proceeds from the sale were to benefit a charitable organization that focuses on arts and education. But someone familiar with the auction said that only a portion of proceeds would go to charity. Saieh was born in Colombia to a Chilean father and raised in Talca, Chile–160 miles south of Santiago. The first in his family to go to college, he became one of the “Chicago Boys”–a group of economists who, after graduating from university in Chile, continued their studies at the University of Chicago under Nobel Prize-winning free market economist Milton Friedman.
In 2014, Saieh’s CorpBanca agreed to merge with the Chilean arm of Brazilian bank Itau Unibanco. While the deal would not be finalized for two more years, the parties struck a credit agreement in which CGB borrowed a total of $1.2 billion in the form of credit lines , and used its eventual stake in the combined entity as collateral.
Regardless, the bank merger went through in April 2016-creating Itau CorpBanca—and the ADRs started trading on the New York Stock Exchange. Saieh-controlled Corp Group Banking owned about 26% of Itau CorpBanca.
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