Team size :  35

Bio

Cristián Toro Cañas became general counsel and board secretary of Banco Itaú Chile in June 2016, with operations in Chile, Colombia, Perú, Panamá and New York. Toro worked for more than ten years in Citigroup Chile, acting as general counsel since 2004. In 1999 he worked as an international trainee at Shearman & Sterling in New York. In 2008 he joined Lan Airlines as legal vice-president, being responsible for overseeing the legal affairs of Lan Airlines in the different countries in which it operated. After the merger of Lan and Tam, he continued to work as legal vice-president and as the secretary of the board of directors of Latam Airlines Group.

Toro received a law degree from the Pontificia Universidad de Católica de Chile and a master of law degree from the New York University School of Law. He has been a member of the board of directors of Banco Itaú Colombia and currently is a member of the board of directors and audit committee of Banco Itaú Panamá, member of the board of Fundación Itaú Chile, member of the Legal |Committee at the Chilean Association of Banks and member of Círculo Legal at Icare. Toro has extensive experience in corporate matters, securities laws, commercial negotiations, capital markets transactions, corporate financing, project finance and compliance.

What are the most significant cases, projects and/or transactions that you and/or your legal team have recently been involved in?

Banco Itaú Chile is a major player in the local M&A and finance markets and has lead many landmark transactions in Chile, including the UF12 m. bond placement for Costanera Norte, the USD$260 m. syndicated loan for BSF Almacenes del Perú, the USD$100 m. syndicated loan to Minera Las Cenizas, the US$350 million syndicated loan to Urbanova, the largest liability management  deal for Vespucio Norte Express and BAIH for the amount of UF24 m., the USD$500 million placement of ESG Bonds for Arauco, among other relevant transactions. In addition, and as an example, our Legal Department has been actively involved in the implementation of the new laws and regulations about data protection and open finance in Chile.

How do you approach managing legal aspects during periods of instability or crisis to ensure the organisation’s resilience?

In a bank, legal works hand in hand with compliance, operational risk and internal audit departments in risk identification, risk assessment and in implementing plans for incidents or crisis. Legal must have the capacity to assess any legal or risk situation with speed, but in full and completely, proving C-Level executives with a profound, clear and precise understanding of the risks, alternatives and strategies to be followed. Legal in a bank is indeed part of the risk evaluation process.

What strategies do you employ to ensure the successful digital transformation of a legal department while maintaining compliance with your country’s data protection laws?

At the bank we have a customer centric approach, as part of the largest financial group in the region. Therefore, Legal must always operate towards achieving simplicity, digitalisation, and efficiency, with the goal that, customer experience with our operations and transactions, achieve the best possible levels of satisfaction and recommendation. For instance, at the bank we have an advance system, including robotisation and IA for reviewing and approving corporate by-laws and power of attorneys for our corporate clients, providing approval in short periods of time, even hours, and low operational costs. And we work hand in hand with Risk and Compliance to ensure that we always comply with applicable laws and regulations, and that we act in the best interest of our clients and stakeholders.

Have you had any experiences during your career as a lawyer that stand out as particularly unique or interesting?

As general counsel at Citibank Chile, Latam Airlines and Banco Itaú Chile, I have had plenty of experiences in transactions, negotiations and structuring and implementing complex operations and deals. My experience includes complex financial transactions, international negotiations, corporate governance for major companies in Chile as well as international exposure through subsidiaries and branches abroad, or as part of financial or business groups with an international footprint. 

What is a cause, business or otherwise, that you are passionate about? Why is this?

I have had strong legal teams in all the companies I have work for, in which Legal is generally viewed as a support function, mainly. My goal has always been to make sure that legal fulfils a protagonist role in risk assessment, transaction structuring, complex negotiations, providing valuable insights, alternatives and strategies to reach the business or corporate goals. To take the lead, to propose, to question and to be questioned, to be open minded, to benchmark, to not have barriers other than what is legal or ethic, because to act with ethics is not negotiable, ever.