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?

We have a clear strategy toward becoming the best institution doing banking in the digital world. Our recently launched plan aims to accelerate the digitalisation within the bank – throughout our processes, channels, and offerings such as our newly branded app ‘Banorte Móvil’ and to create powerful partnerships to stay relevant in customers’ day-to-day.

This ambitious strategy was set forth even before the pandemic, as we concluded our previous and phenomenally successful strategic plan covering 2015-2020, aiming to seize the changing customers’ behaviour and to stay relevant in the broad financial ecosystem.

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

In-house counsel role has become essential during recent years. As the transformation of the banking business accelerates due to digital and technological developments, in-house counsel should keep such transformation pace through understanding and adapting to new regulations and new ways of doing business to remain competitive in the financial ecosystem.

Certainly, the legal team has had a primary role in the evaluation and structural feasibility of any potential partnership. It has also been key in aiding the organisation in making things happen in an agile and proper fashion, while complying with all the regulatory and corporate requirements, to protect business interests.

What are the most significant cases or transactions that your legal team has recently been involved in?

Some of the most relevant transactions which our legal team has been involved in include, the acquisition of Grupo Financiero Interacciones; the investment in Pay Clip; the creation of a joint venture with Rappi to create a new era of financial services within the super App. There has also been the partnership with google cloud; the issuance of different notes (AT1) in foreign markets; corporate restructures, mergers and spin offs and the enhancement and implementation of best corporate practises in terms of ESG goals, which is increasingly the focus in conversations with relevant stakeholders.

As we enter the next decade, what skills will a corporate legal team need to succeed in the modern in-house industry?

Definitely, knowledge of traditional and digital banking, and fintech regulatory asymmetry. Additionally, we must consider the following basic skills such as ethical behaviour, the ability to adapt to the new working system (hybrid – home office) and agile methodologies. It is also important to develop clear communication skills and a proficiency in time management.