Team size: seven

What are the most significant cases or transactions you and your team have been involved in?

Having worked for 20 years in this industry, I have developed my expertise in private and development banking. Our legal team has supported Banco industrial since 2013, growing the company as one of the leading banks in the Central American region. The Bank’s capital stock has increased from the initial value of $20m to $50m in 10 years. While structuring and contracting credit operations, we also have handled the cases of high-profile clients who are leaders in the following industry: energy, construction, manufacturing, hotel, and service. With the issuance of pre-operational bank guarantees, notably in energy sector, we successfully protected the supply of power and energy for our client.

In what ways do you see the in-house legal role evolving in your region over the next few years? 

Traditionally, in-house lawyers are expected to provide advice exclusively on banking matters including local credit operations, passive operations, safe deposit boxes, and fiduciary operations. However, with the advent of Covid-19 crisis, legal professionals are also expected to be adaptable and flexible to catch up with in this fast-changing environment. The legal tech has been introduced even in the banking industry for legal matters: contracts with electronic signatures, the use of digital methods or videoconferences for business, creation of electronic products.

In a changing financial landscape, how does the company remain competitive against new phenomena such as fintech and blockchain, and how does the legal team assist with this? 

Having maintained our practice as an industrial bank for more than 50 years, we developed our skills and expertise of venturing into the financial and banking market. Indisputably, fintech and blockchain are the hot potatoes of the current market, attracting more customers and business partners into the market. The technological advancements of automation will optimise financial services and processes. Prior to the introduction of fintech into the banking sector, the public authorities must establish regulatory frameworks to protect the industry. Banco Industrial has made significant investments to improve its entire service platform and online customer service. While allowing our clients to invest their time utilising their online products in Guatemala, Honduras, El Salvador, and Panama, we ensured to sign up interbank agreements and to offer subscriptions as an option for our clients. With the Electronic Signature legislation, allowing its approval by a supervisory entity, a range of our new products are contracted exclusively online. With its adoption of Bitcoin as one of their authorised legal tenders, the public authorities in El Salvador gave the traders and businessmen the opportunities to venture in the broad market of Blockchain.