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

Over the past year, the Legal team has focused extensively on exploring and testing use cases for Artificial Intelligence within our operations. We have deployed AI tools to assist with reviewing legal documents and proposing business-oriented amendments, answering contract-related queries such as termination clauses, confidentiality obligations, and contract terms. While we have not yet quantified the economic impact, the efficiency gains have been significant—contract reviews that previously took several hours can now be completed in minutes. Additionally, the accuracy of AI models has improved markedly with the advent of Large Reasoning Models, enabling us to confidently delegate certain reviews entirely to AI.

Parallel to this, the Governance team has implemented several initiatives to enhance the operational efficiency of our Committees. These measures include optimising Committee composition by reducing unnecessary memberships, simplifying presentation formats, and adjusting meeting frequencies to better suit organisational needs.

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

Recently, Banesco underwent a staff downsizing that equally affected the Legal team. In response, we worked tirelessly to ensure all critical services were maintained by the reduced team or, when necessary, identified services that could be postponed or require renegotiation of service level agreements.

During periods of instability or crisis, we prioritise identifying critical processes, maintaining team morale and engagement, ensuring transparent communication with key stakeholders, and closely monitoring key performance indicators. This comprehensive approach is essential to safeguarding business continuity and organisational resilience.

What factors influence your team’s decision to use external legal services versus handling matters in-house, and what criteria are used to evaluate their performance?

At Banesco International, our External Counsel Policy guides whether matters are handled internally or outsourced. Key considerations include:

The ordinary or extraordinary nature of the matter

Associated reputational risk

Financial magnitude of the transaction, claim, or matter

Complexity of the inquiry or claim

Specialisation or expertise within the internal legal team

Interest in developing in-house capabilities

Need for professional relationships or influence in the sector

To evaluate external counsel, we assess:

Communication and availability

Use of technology in service delivery

Compliance with deadlines

Quality and value of legal advice

Understanding of the matter and effectiveness in resolution

Flexibility in working within Banesco’s internal processes

Commitment to long-term partnership

Provision of legal and regulatory updates

Reasonableness of fees

Expertise in banking, insurance, and payments industries, plus reputation with regulators

How does your team contribute to the overall business strategy of the company? Can you share an example of a recent legal-led initiative that had a significant impact?

Our Legal team is deeply involved in all key business initiatives, providing essential legal opinions before the bank undertakes any activity. From a Governance perspective, we oversee strategic planning execution and ensure full involvement of Committees and the Board in approving and monitoring annual plans, as well as promptly addressing any breaches in indicators.

A notable recent achievement was resolving an issue with the merchant acquiring business line. Many prospective clients were not affiliating because their incorporation documents were incomplete or outdated, which hindered business growth. To address this, we developed a process whereby external offices review and update incorporation documents autonomously—without client intervention—and verify authorised representatives. Since implementing this process, the number of affiliated businesses has increased substantially.