BMG Has Been A Reputable And Established Banking Firm In Brazil For More Than 80 Years

The banking business in Brazil has had its fair share of financial bumps in the road. Brazil is known for its sporadic government and financial calamities, and some of them have had a major impact on banks in the country. But BMG has been able to survive for more than 80 years in the Brazilian financial market thanks to the fact that it is a privately held company. BMG was founded by the Guimarães family in 1930 under the name Banco de Crédito Predial S.A. The bank was later renamed Banco de Minas Gerais S.A, and BMG was officially formed.

BMG has a history of solid financial performance in the individual and company credit arena. Through the years, the bank has developed products like payroll credit cards, and a product called BMG Empresas which is geared toward large companies. The other products that have made the bank a success are their vehicle financing department and home equity loans.

The other successful area is the payroll loan segment of the business that is done through Banco Itaú BMG Consignado S.A.. BMG owns 40 percent of the voting stock in Banco Itaú BMG Consignado S.A.. According to CEO and President Ricardo Guimarães, the success of the bank is due to the bank’s outstanding sales ability and operational excellence.

The BMG brand is well-known throughout Brazil because of its technology expertise and the fact that the bank has the ability to anticipate market movements in Brazil. Guimarães thinks his experienced management team has the knowledge to work with quality credit portfolios while maintaining a conservative credit policy. BMG has a special committee that makes all the credit decisions for the bank, and that committee gives the bank the flexibility it needs to stay competitive in the Challenging Brazilian market.

BMG’s experienced and fully professional management team, under the direction of Ricardo Guimarães, has been able to weather the current economic and financial issues that Brazil is facing this year. The banks in Brazil have been under a great deal of pressure because of the currency devaluation, the recession, and the government’s attempt to pull the country out of hands of inflation. BMG has changed some of its credit policies to reflect the changes that the government is trying to put in place.

The good news is BMG has experienced these issue before and has survived, and the bank will survive the country’s current financial challenges.

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