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In this paper, we explore the statistical characterization of Multiple-Input Multiple-Output (MIMO) channel correlation matrices with the main focus being on their condition number statistics. More specifically, novel expressions are derived for the probability density function (PDF) and cumulative distribution function (CDF) of the MIMO condition number. Contrary to the majority of related studies, where only the common case of Rayleigh fading was considered, our investigation is extended to account for the generalized case of Ricean fading where a deterministic Line-Of-Sight (LoS) component exists in the communication link. The overall analysis is based on the principles of random matrix theory and particularly of dual complex non-central Wishart matrices; the latter represent a practical class of MIMO systems, namely dual-branch systems which are equipped with two transmit and receive antenna elements. All the derived formulae are validated through extensive simulations with the attained accuracy being remarkably good.