Team size: Two

Jurisdictions your role covers: Portugal

What are the most significant cases or transactions that your legal team has recently been involved in?

One of the most significant projects our legal team has been involved in over the past year was the establishment and operational implementation of Pignus – Crédito Económico Popular, S.A., incorporated in November 2024 following the acquisition by Kruso Kapital, an Italian financial group, of the pawnbroking business previously integrated within Banco Invest. 

This was a particularly challenging and strategic matter for the legal department, as it involved entering a highly specific and regulated sector while simultaneously integrating the business into a new international group structure that is listed on the Italian stock exchange (Euronext). Rather than building a company entirely from scratch, the complexity lay in adapting and restructuring existing procedures, systems, governance models and compliance frameworks to align both with the group’s standards and with the Portuguese legal and regulatory environment. The project required a comprehensive review and redesign of internal policies, operational procedures and contractual frameworks, ensuring that all aspects of the business were compliant with local legislation while also meeting the requirements and expectations of the new shareholder. This included the implementation of new governance and reporting structures, the harmonisation of compliance practices, and the adaptation of operational processes to the realities of the Portuguese market. 

From a legal and operational perspective, the transaction and subsequent integration process demanded close coordination across multiple stakeholders and jurisdictions, combining M&A-related work, regulatory analysis, corporate restructuring and day-to-day operational legal support. The fact that Kruso Kapital  is listed has entailed greater legal obligations and/or requirements that Pignus-CEP had and has to comply. For me, personally and professionally, this was one of the most significant and demanding projects of the year, given the need to balance legal risk management, business continuity and the successful integration of a legacy business into a new international group framework. This achievement would not have been possible without the commitment, adaptability and collaborative spirit of the entire team, whose ability to navigate a complex transition period and build effective solutions in a new sector was fundamental to the successful implementation of the project.

What do you value most in external advisers working alongside your team: sector knowledge, responsiveness, innovation, or something else? 

When working with external advisers, we do not believe that there is a single quality that stands above all others. For us, the best partnerships are built through a combination of strong sector knowledge, responsiveness, reliability, practical thinking and mutual trust. We value advisers who have a deep understanding of the applicable legal and regulatory framework and who are capable of providing commercially pragmatic advice adapted to the realities of the business. Responsiveness is also essential, particularly in fast-moving operational environments where legal support often needs to be both technically accurate and delivered within short timeframes. 

Equally important is honesty and transparency. We highly appreciate advisers who are willing to acknowledge when a matter requires further analysis or when they do not immediately have the answer, but who are committed to finding the best solution. In our view, humility, professionalism and the ability to work collaboratively are fundamental characteristics of a trusted legal adviser. 

Innovation and the use of technology are also increasingly relevant in the legal sector, and we value advisers who embrace modern tools and efficient ways of working. However, innovation should always be used thoughtfully and responsibly. Technology should support the quality of legal work, not replace critical analysis or professional judgement. The key is not simply to use innovation for its own sake, but to know how and when to use it appropriately. 

For these reasons, we aim to work with the best advisers in each specific area or sector, regardless of whether they are part of a large international law firm or a smaller boutique practice. Size is less important than competence, trustworthiness, responsiveness and the ability to build a strong and reliable working relationship with our team.

Which recent regulatory or legislative change in Portugal has had the most significant impact on in‑house legal teams, and how have you adapted your approach in response? 

Rather than a single new legislative or regulatory change, the most significant challenge for our in-house legal team over the past year has been adapting the company to a substantially different regulatory framework following its integration into a new international economic group. 

The transition required a comprehensive reassessment of the legal and compliance environment applicable to the business. On the one hand, several European-level regulatory frameworks and group compliance standards, which were not previously applicable in practice, became relevant due to the company’s integration into an international group structure. On the other hand, certain requirements and procedures that existed while the business operated under a banking institution were no longer directly applicable following the separation from Banco Invest and the creation of an independent entity. 

As a result, our approach had to focus not on implementing entirely new legislation, but on adapting the organisation to a new regulatory reality, ensuring compliance with a broad range of existing Portuguese and European legal frameworks now applicable to the company’s activity and governance model. 

This process involved the review, drafting and implementation of a significant number of internal policies, compliance procedures, governance rules and operational controls. It also required close coordination between legal, compliance and operational teams to ensure that the transition was carried out efficiently, without disrupting business continuity and while maintaining high compliance standards. 

For the legal team, this represented a particularly demanding exercise in regulatory interpretation, risk assessment and practical implementation, as it required balancing local legal requirements, European regulatory expectations and the standards imposed at group level. The adaptability, technical capability and collaborative approach of the team were essential in successfully managing this transition and embedding a stronger compliance culture within the organisation.