The legal department of the leading bank in terms of market capitalization in the EU
Banco Santander has been crowned as the European Union bank with the highest market capitalization, surpassing BNP Paribas. The entity chaired by Ana Botín has a market value, slightly above €70 billion, ahead of its French rival’s €67.4 billion. But what is the legal department of Europe’s number one bank like? Iberian Lawyer talks to Alicia Muñoz Lombardía, Director of Governance, Regulation and Legal Advisory for Commercial and Private Banking at Banco Santander, to get an insider’s view.
What is the legal department of the largest bank by market capitalization in the European Union like?
We are a large group present in more than ten geographies and precisely this unique combination of local and global scale allows us to be among the most profitable banks in our markets. Each geography has its own legal team and the coordination that exists at the group level allows us to share best practices and collaborate in transnational operations. Specifically, in Santander Spain, the General Secretariat is divided into four areas: Governance, Regulation and Legal Advisory for Commercial and Private Banking; Wholesale Banking, Recoveries, Insurance and Privacy; Litigation and Tax Advisory. We have a very experienced, business oriented and very diverse team, since not only lawyers work here, but also professionals from other fields such as technologists, sociologists or economists are needed to face the important challenges we face and a changing world.
How has this department grown in recent years, in terms of new hires?
After the merger with Banco Popular (ndr: Banco Santander acquired Banco Popular in 2017) a significant number of professionals joined the legal department and we have also been adapting the size of the department to the emerging needs, seeking a balance between internal advice and support from external firms to provide the best service to our clients.
What is the biggest challenge you have faced in recent years?
In the last four years, there have been a series of events that have tested the resilience of all organizations. During the pandemic, we stood by our clients with ICO-guaranteed financing programs, moratoriums and other measures that, with the appropriate legal support, allowed the flow of credit for business continuity and even investment financing. The invasion of Ukraine by Russia led to the application of sanctions and the development of social initiatives, such as the reception of Ukrainian refugees in the Financial City, for whom we deployed an intense public-private partnership. In the ESG field, financial institutions play an important role in channelling funds aimed at the transition to a low-carbon economy and, for this reason, Santander is developing innovative financial and non-financial solutions for individuals and companies, in which legal advice is key. Finally, the regulatory tsunami that has occurred in recent years adds greater complexity to our work and, now more than ever, continuous training is essential. And allow me, legal professionals must not only know the regulatory horizon, but also the geopolitical and economic environment, trends and emerging risks.
What are the skills you value most in in-house counsel recruitment processes?
