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

Project Crow (public operation, closed December 29, 2022): The so-called Crow operation was an operation in which BCP, CGD, NB, Oitante and Santander (BST), sold the participation units they held in Fundo de Recuperação de Turismo, FCR, and in FLIT – PTREL, SICAV, to Corvus Acquisition, an entity controlled by Davidson Kempner Capital Management (DK), with a deal worth €850m.

Project Lobos (public operation): Visabeira Group financing operation, in the global amount of €450m.

Project Gauss (public operation): consolidation and refinancing operation of the Finerge Group, in the global amount of €2.3bn, referring to the portfolio of renewable assets of the group in the Iberian Peninsula.

Covered bonds (public operation): on April 11th, 2023, Banco Santander Totta announced a 5-year benchmark covered bonds – European Covered Bonds (Premium) transaction.

This transaction represents the issuer’s return to the primary market since September 19th 2017, when Banco Santander Totta issued a 10-year €1bn covered bond at MS +48bps. It also represents the first covered bond transaction from a Portuguese issuer since 2019, and the first after the European directive implementation in the country.

Why are in-house lawyers well-placed to drive change in their organisations?

I believe that in-house lawyers have a unique perspective of their company’s business way of conduct and principles, which enables them to be truly helpful in the decision-making process.

Any proposed change on the company’s way to do business benefits from the legal point of view, not only to set out the boundaries which must be taken into consideration on the business development, but also from a global perspective of common sense and purpose.

I strongly believe in-house lawyers are fundamental pieces and perform an important role in the reasoning of any aspect of a business.

What diversity, equity and inclusion initiatives have you and your legal department been championing within your company’s endeavours?

The legal team of Banco Santander in Portugal accompanies all company’s efforts on diversity, equity and inclusion. We have set up a legal pro bono program, through which we help and support different institutions with their social missions and purposes.

In the business legal team, we are very proud to have Nuno Brites on board with us, who is truly inspiring from an inclusion point of view.

As we live in a fast-paced world today, what skills will a corporate legal team need to succeed in the modern in-house industry?

I believe that all legal teams (and all teams) need to have a growth mindset. Instead of criticising or trying to stop the changes that inevitably occur nowadays at full speed, we need to embrace these changes and lead the process of transformation.

Legal teams should continue to focus on solutions and help the business grow, always guaranteeing that it is done in the company’s best interest and within the legal/regulatory limits.