Legal director of corporate affairs | Grupo Cibest
Viviana Prada Rey
Legal director of corporate affairs | Grupo Cibest
Team size: 15
How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?
Handling legal aspects is an integral part of managing a crisis or periods of instability, as it helps minimise negative impacts and seize opportunities.
As a legal team, we support the organisation in identifying the applicable legal framework and assessing the obligations and rights legally and contractually acquired by the organisation. We consult law firms and experienced advisers in the field and contribute to identifying legal risks. Furthermore, we participate in the development of crisis response protocols. These protocols are aligned with the business strategy and aim to promote business continuity, taking into account the impact of the crisis on different stakeholders.
Supported by our corporate governance, we ensure an adequate flow of accurate and reliable information for all key stakeholders in their decision-making process. Above all, we maintain an ethical and responsible approach, ensuring that legal decisions contribute to the long-term sustainability of the company.
What are the main cases or transactions you have been involved in recently?
As Legal Director of Corporate Affairs, I have contributed to the proper functioning and strengthening of corporate governance within my organisation.
I participated in the evolution of Bancolombia’s corporate structure and its subsidiaries through the creation of a holding company, Grupo Cibest S.A. As a result, Bancolombia’s more than 48,000 shareholders became shareholders of Grupo Cibest, maintaining the same number of shares and the same ownership percentage, under the same terms and conditions they had in Bancolombia.
This transformation separated the roles previously held by Bancolombia, both as a banking institution and as the parent company of other businesses. Grupo Cibest is now the holding company for financial entities and other companies, including Bancolombia (bank), Nequi, Wompi, Renting Colombia, Wenia, Bancoagrícola in El Salvador, Banistmo in Panama, and Bam in Guatemala, among others, together employing more than 34,100 people across the region.
This evolution opens new possibilities to drive our businesses forward, continue serving as the financial ally of more than 33 million customers in the region, and promote sustainable development in the countries where we operate. Grupo Cibest has a capital structure that will allow it to allocate resources more effectively across all its businesses to support growth and expansion.
What measures has your company taken to embed sustainability practices into its core business operations, and how does the role of the general counsel contribute to driving and ensuring sustainable practices within the company?
Our company’s purpose is to promote sustainable development to achieve the well-being of all. We work to strengthen the productive network, develop sustainable cities, and promote financial inclusion. Through our financial activity, we aim to mobilise resources for initiatives that realise our purpose and contribute to the United Nations Sustainable Development Goals. In Colombia, we are committed to mobilising approximately USD 125 billion through financial services by 2030, directed towards initiatives such as strengthening agriculture, low-carbon mobility, access to housing, financial inclusion, and women’s entrepreneurship.
The role of the legal department is crucial in achieving this purpose. In addition to supporting the implementation of products aligned with our environmental and social goals, we provide counsel on adherence to new ESG protocols and commitments. We also oversee the governance framework for ESG matters and advise on the disclosure of the ESG strategy. Furthermore, we monitor regulatory initiatives relating to ESG issues, particularly in Colombia and the United States, assessing their potential impact on our operations.
What emerging technologies do you see as having the most significant impact on the legal profession in the near future, and how do you stay updated on these developments?
Artificial intelligence, the adoption of chatbots and virtual assistants are revolutionising the way legal services are delivered, freeing up lawyers’ time and allowing us to focus on more complex and strategic aspects. Additionally, collaborative work tools enable us to work more efficiently and create reports more effectively. Likewise, legal design has transformed the way we communicate with our clients, bringing the law closer to everyday language and making it easier to understand.
We stay updated on these developments thanks to the formation of a multidisciplinary team in the legal department responsible for understanding, interacting with, and adopting these emerging technologies. This team, comprising lawyers, engineers, designers and other professionals, educates and supports the rest of the legal department in adopting these technologies.
Legal director of corporate affairs | Bancolombia
Legal director of corporate affairs | Bancolombia
