Team size: 19

Major legal advisers: ALCOGAL, Morgan & Morgan, SIGMA.

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

In 2021 Banistmo legal team played a critical role in issuing $1250m in treasury bonds for the government of Panamá, whereas Banistmo and its subsidiaries acted as initial purchaser and placement agent. It was the third time that the government of Panamá chose our support for its transactions. Additionally, we have also been involved in the merger with Financomer, a consumer credit company. We have been deeply concerned with reducing the effect of Covid-19 on affected companies and consumers; we proceeded in the restructuring of credit portfolios. The project has benefitted our customers, providing relief, and allowing them to recover from the effects of the pandemic while aiding the local economy. One of our greatest successes has been obtaining the authorisation from the superintendency of banks (banking regulator in Panamá) to offer credit products with a simplified and digital onboarding process. Banistmo has also been continually active in supporting the country and government, participating in civic and government-led working forums, and generating proposals for regulations and action plans to help the country overcome the adverse effects of the COVID pandemic and benefit the economy. Several of our recommendations were adopted or implemented.

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

The in-house legal role will evolve in several ways in the next few years. It will turn to technology and a remote working model, which will increase interactions with multiple units and productivity. In-house lawyers do not only need to be legal experts but have a broad knowledge of finance. Familiarity with technological advancement in the financial sector is necessary to understand today’s context. Internal lawyers have become members of the management team. They offer active support in defining strategies; an excellent counsel must be familiar with the company’s objectives to give the best advice. Additionally, the in-house counsel must evolve to support the development of the regulatory framework in their countries to control new technologies and ways to do business.

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?

A company should always ensure it remains competitive, no matter the challenge; therefore, its strategy should always come with a robust risk management framework and ensure that suitable measures are taken. New technologies represent today’s biggest challenge — the legal team can assist in ensuring that its members are all trained, leading and supporting compliance with regulations, and ensuring that the legal framework concerning digital devices is clear to all the departments of the company.