The banking industry of Brazil has experienced tremendous growth since 2004. The credit exposure was at 23% at 2004 but has since grown to over 60% in 2015. BMG BANCO bank is one of the leading banks in the industry who have contributed to the immersive growth. The Bank is the pioneer in consignment credit industry. The sector is among the fastest growing in the industry. The bank advances consignment credit to a majority of its customers. Most clients include the workers union workers and social retires. These groups were previously uncovered in the loan industry by other banks.
The entry of BMG significantly boosted most of its customer who are very crucial to a vibrant economy. The bank has over 60000 agents and 3000 points of sales distributed throughout the country. Other than the consignment credit sector, the bank is also financing its customers in asset financing and mortgages.
The bank is a leading sponsor of the Brazilian national soccer. It has overgrown the traditional sponsors like Adidas and Coca-Cola. Many players in the national team of Brazil have a connection with the bank. The bank also sponsors other philanthropic interests of the society. The projects started by the bank have significantly improved the lives of the community.
The current president of the bank is Mr. Richardo Guimaries. He is a graduate of Una-Faculdade University. He has an extensive experience in the business administration and management. Guimaries is also the chief executive officer of the BANCO BMG GROUP. It’s the parent company of BMG bank. Besides, he serves as a member of the board of the group. Since Mr. Guimaries took the leadership of BMG group, the bank has grown significantly in market shares. The bank is leading player in the consignment credit industry. It occupies over 80% of the market. The bank has also invested heavily in other sectors of credit industry under his leadership.
Guimaries is also an active soccer support. His leadership has widely supported the sport that has an enormous following in Brazil. The bank has diversified its investment to target large companies and individuals. BMG is the first bank in Brazil to offer fund receivables. Under Guimaries leadership, the bank took advantage of the adjustment of public payroll loan act in 2003. It launched an aggressive campaign to market its services in the banking correspondents. It now serves the largest of some employee in the retirees, pensioners, local and state servants, military personnel and armed forces. The bank has received several prestigious awards under the presidency of Mr. Guimaries. They include the famous best financial conglomerate by the Getulio Vargas Foundation. It marketing model has grown very successful drawing the attention from the market and other banks.