Team size: Four

Which recent political, economic, or regulatory changes have impacted the company and the team the most?

One of the most significant changes in respect to the regulatory framework is the transposition of DAC6 to national law. We also expect more regulatory changes to be implemented regarding Environmental, Social, and Governance (ESG) issues over the next few years. This will significantly impact the work of Eurobank Cyprus.

Looking forward, what technological advancements do you feel will impact the role of in-house legal teams in the future the most?

With the rapidly digitised economy, there will be significant changes in the transactional behaviour of customers in the aftermath of the Covid-19. The banking sector will be modernised by using technological advancements. The digitalisation of our practice will not only improve our customer services but also advance the credit institution’s onboarding documents, forms, polices and approach. Digital transformation will depend on a range of factors including the regulatory and competition policy framework. The role of in-house legal teams will be assessing the existing the legal framework and provide concrete advice about legal or regulatory requirements to the regulatory bodies to improve the law and policy.

In a changing financial landscape, how does the company remain competitive against new phenomena such as fintech and blockchain, and how does the legal team assist with this?

The banking sector is undergoing a digital transformation by adopting innovative technologies. The Covid-19 pandemic especially highlighted the advancement of technology in the banking sector in Cyprus by demonstrating our steady expansion. Digitalisation of our practice also helped us to mitigate operational risks during the pandemic. I strongly encourage in-house lawyers to educate themselves by attending relevant seminars and workshops to expand their knowledge in fintech and blockchain.