The Banco BMG is a leader financial institution in Brazil majoring in payroll loans. The bank rose from the merging of Banco Itau a former mining bank and BMG, a commercial bank offering a variety of products to individuals and other organizations. BMG was focused on funding wholesale and retail businesses and also financing cumbersome and light vehicles. The merger has resulted in massive growth and developments not only in payroll loans but also in provision other financial services. Banco BMG is focused on dealing with customers whose default rate is low. This strategy has seen the bank acquire a massive customer base thus National loan leader I Brazil.
Ricardo Guimaraes is a reputable business person, heir and the CEO of the family business BMG since 1998. He is now the president of Banco BMG. It’s through his skillful managerial tactics, innovativeness, and professionalism that elevated BMG to a leader in consigned credit monitoring in Brazil. Mr. Guimaraes, born in an affluent family, could later use the advantage of the connections he had with other financial sectors to gather information and experience that has aided him to propel the bank into a National loan leader.
Banco BMG has gained its success under the management of Mr. Guimaraes. The bank has engaged in sports marketing, sponsoring football teams and athletes across Brazil becoming the leading sports promoter in the country. Ricardo is a football lover, a fan of Atletico Mineiro Club, does not hinder the bank from extending its support to other teams and players in the league. Through the sports sponsorship, Mr. Guimaraes has succeeded in popularizing the bank brand as the matches are broadcast on the National televisions. Sports marketing has leaped significant returns for the bank.
Ricardo Guimaraes has contemplated into the market pressure and over the time created some methods of diversifying the bank products and services to meet new emerging customers’ needs. With this in mind, he purchased the Schahin Bank and GE Money Brazil. The two financial institutions have offered the remedy on the issue of inclusion of new and unique products in the market to become competitive in all other areas in the finance sector.
The bank is offering different types of loans to a variety of customer profiles, such as vehicle financing and personal loans to individuals. In the long, though the payroll loaning constitutes a major part, there is a tendency to decrease in their participation so as to deal with competition. It operates by giving the best to the customers and creation of a variety of products without losing focus of their primary product and showing confidence in potential clients.
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As found on Agencia Estado.