Team size: Two

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

One of the biggest challenges faced at Citi is the demanding workload required for a small team. We support the local branches for their businesses whilst providing necessary advice for the global and regional functions when there are any transactions involving Portuguese market. As a senior manager handling multiple jurisdictions and their local regulatory requirements, I face difficult challenges arising from tight deadlines and regional expectations. My current position has been one of the biggest challenges of my career, but by taking a pragmatic and assertive approach and demonstrating strong leadership, I managed my responsibilities and lead the team in an effective way.

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

The role of general counsel is no longer limited to providing legal advice. Responding to risks including the pandemic crisis and sanctions following Ukraine conflict, in-house lawyers are to be fully aligned with business expectations. The modern in-house legal departments need to be commercial advisors, strategic thinkers, forward planners, and excellent communicators. The legal function is no longer a ‘no’ department; and we are required to be creative and competitive whilst being part of the new ‘ecosystem’ which utilises the increasing regulations, globalisation, and the internet of things such as cryptocurrencies and artificial intelligence. In addition, we see a growing tendency of business units transferring the responsibilities to in-house lawyers for commercial decision makings. Lawyers who make commercially savvy decisions can also develop strategic direction of business within the relevant legal frameworks.

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?

Banks are new to the fintech market compared to start-up entities; and therefore, we had to adapt to initiative process to transform internal procedures. As a late starter in the market, banks will experience more challenges adopting new legislation and regulation than their start-up counterparts. Start-up players are naturally faster in finding solutions beyond the existing legal framework than traditional banks. It is certainty encouraged for legislators to take a neutral approach toward technology, but it may not work effectively when the legislation lacks practical guidelines applicable to specific technology products and solutions. In this regard, fintech start-ups who have more experience and knowledge on navigating the legal framework have more advantage to grow and expand their business. In-house counsel shall support this innovation as trusted legal as well as business advisors by developing their digital literacy to support their organisations’ business.