Let's Get Real.
BMG is a family owned financial bank what has served in the Brazilian market for a period spanning over 80 years. Ricardo Annes Guimaraes, a member of the Pentagna Guimaraes family that controls that bank, leads the firm. This family developed an interest in the banking sector sometimes in 1930 when they set up a commercial bank known as Banco de Crédito Predial S.A. This was later given the name Banco de Minas Gerais S.A.).
The commercial bank offered various products that targeted individual consumers and institutions. Its core business used to be a consumer and wholesale financing until the 1990s. During those times, the bank was considered the leader in the financial market where it offered financing of vehicles both heavy and light in the 1980s.
From 1998, it put more focus on the provision of payroll loans, and it became the yardstick for these kinds of banking operations. July 2012 saw BMG sign an agreement with another institution known as Itaú Unibanco S.A. with an aim of distributing and making commercial its payroll loans products within Brazil.
A joint venture was formed and called Banco Itaú BMG Consignado S.A. The two institutions then agreed to unify their businesses in April 2014 and focused on providing payroll loans. Today, BMG owns about 40 percent of stock in the venture while Itaú Unibanco takes the remainder 60 percent.
The agreement to unify the businesses of the two companies brought in some benefits to BMG. It allowed the bank to pursue other strategic products like payroll credit card and BMG Empresas, which is a financing that is intended for medium and large corporations as well as suppliers who serve large economic groups.
BMG also widened its operations to start financing used vehicles from the joint venture and unification of business with the other institution. BMG has devoted itself to serving high-quality credit consumers, an attribute, which has succeeded because of its adoption of a conservative credit policy.
The bank’s credit decisions are made in a collective way through help of a designated credit committee structure, which allows the bank to attain its goals of meeting increasing demand for efficient, responsible, and intelligent operations. BMG recognizes that the most important asset that has seen its growth is the human capital. It is the life breath of the company.
The bank has a framework and meritocracy culture for finding and recognizing talents within its employees. It high synergy teams are able to endure any challenges that face the bank through their teamwork and creativity in both developing financing products and delivering services to consumers and institutions.