Banco Industrial El Salvador – GC Powerlist
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Central America Teams 2019

Financials

Banco Industrial El Salvador

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Central America Teams 2019

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About

Can you briefly explain how the legal team is structured, highlighting key individuals and their role within the department?

Orlando Zuniga, Legal assistant manager, giving the strategy, the coordination, and the push of the legal lineament within the bank will be the path to follow on a day-to-day basis, and in different concrete cases, from a local level to regional operations in the region. He also attends supervisors and regulators.

Ricardo Funes, lawyer, whose focus has the task of supporting the structure and execution of credits, guarantees and contingencies.

Marcela Rodriguez, lawyer, whose focus has the task of supporting the recovery of credit assets, as well as advising various internal areas and notices to regulators.

Gabriela Palacios, lawyer, who with her legal knowledge contributes deeply in the advice to the internal client and agency network.

What are the most significant cases and/or transactions that your legal team has been involved with in the last two years?

We have continued to advise on the structure of credit operations, as well as the granting of guarantees that particularly require them, with clients in the various countries where the Bank has a presence, but mainly from Guatemala.

These local or regional credit transactions have required support, the issuance of legal opinions and structuring for clients belonging to the manufacturing industry, provision of goods and services, construction of housing projects, acquisition of shopping centres, and operations in the stock market of local securities for the Bank and its funding, as well as loans for working capital, clean energy and injection of fresh money to various clients: natural persons, mercantile societies, corporations, associations, foundations, autonomous and municipalities, among others.

We currently support complex structuring operations, relying on various traditional figures, but with creative and innovative mechanisms, such as trusts of payments and guarantee deputies.

What recent political, economic or regulatory changes in Central America have impacted your company and the team the most?

In our country, this year the presidential elections have ended well where, with patriotic fervour and a high democratic sense, the people elected the authorities to govern the country for five years.

These, to date, are being characterised not only by the freshness of young adults but also by giving rise to projects that undoubtedly must be the reagent that economies need: tourism, logistics, transport and energy generation among others.

It is considered as a good sign, to create a Presidential Commissioner for Strategic Projects, who will have the support of the Secretary of Commerce and Investments as well as the Secretary of Innovation.

The use of digital tools and internet networks, we believe will be a good step in government entities who on some issues had already lagged behind in the era of bureaucracy.

What will be the main focus for the company in the next 12 months and how does the team intend to assist with this?

Given this new boom that is beginning, the Bank is also visualising strategic projects that lead, not only to the needs of its customers and future projects, but also in the creation of innovative products and tools and also taking advantage of some of them in the era of new financial technologies with apps and social media networks, etc.

Creativity, innovation and openness to changing customary uses under the new laws and regulations that are already being coupled to the system. Thinking about the security of both the Bank and the customer, is how the team has already begun to prepare.

How has the team harnessed technology to improve output or drive efficiencies?

Without losing the factor of serving our clients, people, it is no longer essential to have agencies full of clients. The attention for new financial technologies, the use of Apps, digital platforms, among others, make the Bank have the necessary network at all times and practically from anywhere in the world. This produces satisfied customers and covered needs.

Can you sum up the team culture/ethos? Giving some information afterwards about how this is developed.

The team is mainly governed by the Bank’s values: integrity, innovation, delivery, teamwork, love for the homeland and finally responsibility, all under the pillar of knowing and being under the protection of the law and not exceeding its limits.

An integrated team, making a ‘one-two’, complementing all of us, and benefiting not only the Bank but also the clients and their needs to culminate in ‘a dream come true’.

Focus on… KNOW THE CUSTOMER

In a world of digital platforms, you should not forget to know the customer. Our present and the future are intimately linked to give value not only to autograph signatures, but also, to electronic signatures. It is not only worth having a contract printed – or even more so on a document that may require traditional solemnities – but also, clicking on ‘accept’ so that this traditional link is perfected and can generate obligations for parts. The inclusion in some legal bodies of chapters referring to electronic commerce, and even more so, the current study of an electronic commerce law and an electronic securities law, should reflect on all the legal communication, both of businesses and of judicial intervention when necessary. From there, and in economies like ours, we have to be prepared enough and familiarised enough to continue and maintain our contact with our main fellow: the clients. We must create not only innovative or ingenious products that facilitate the needs of customers in a ‘click’, but we must also ensure that these products are robust and safe enough for all of them to have the confidence that what has been done, in fact, is done. Therefore, at some point we must ‘know the customer’, and note that I do not emphasise due diligence, but rather, at least a mere procedure that allows us to interact directly with our customers. So that, the future will say where it will take the phrase, which 15 years ago or more had a unique meaning… and it is now normal that the smartphone is used more for banking operations, than the traditional forms of before, but we must not lose sight of the fact that it is the money of the public that serves us to be able to lend.

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