Ricardo Guimaraes is the president of BMG since 2004.He has led Banco BMG to one of the strongest growth rates in banking history in Brazils banking history. The bank provides consigned credit to over 5 million Brazilians. It’s the cheapest personal credit provider in the alternative credit market. It was the pioneer in this segment and today controls 80% of the market. It has over 50 000 agents in every municipality in Brazil. It also has 3000 points of sale terminals around the country.
Bank BMG is part of the BMG group. It’s based in Belo Horizonte in Brazil.Guimares joined the bank in 1980.In 1989; he was promoted to the position of Chief financial officer. He was promoted to the position of vice president in 1996.Mr. Guimares is today an important business mogul in Brazil. Some of his achievement in BMG includes
• Pioneered Consigned credit in 2004
• Consigned credit market had $ 6 billion, and BMG had 20% in 2004 and today the bank has 80% of the $ 114 billion market
• Total credit portfolio $ 2.5 billion dollars and grew it to $ 14.5 billion
• Increased the equity from $ 300 million to $ 1.1 billion
Ricardo’s Strategy of hiring the best is what has allowed him to have such a dominant position. The bank has acquired Banco GE in 2010 and Banco Schahin on 2011.It is part of its growth and consolidation strategy. It has used its extensive distribution network to reach out to its 5 million customers. According to Mr. Ricardo Guimares, the market is only 50% penetrated, and there is room for more. The remaining 50% of the market is up for grab by more than 60 banks fighting for it.

BMG has been voted eight times the best financial conglomerate in Brazil. Austin Rating also voted it the best bank in consumer finance. It mostly Targets government workers, retirees, pensioners and company employees.
Banco BMG is also the largest contributor in sports in Brazil. It sponsors more than 100 soccer teams around the country. This strategy is a genius move in a soccer-obsessed South American country. It has struck an image with Brazilians as the next door neighbor. It also sponsors other sports like basketball and volleyball team. There are rumors it’s going to sponsor the Brazilian equivalent of the Grand Prix.
Banco BMG has time to time floated bonds on the international market. So it has financial muscle too. Watch out

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