The Banco BMG group is largely owned by the Guimaraes family. Back in 2004, the company appointed Ricardo Guimaraes as the new president and Chief Operating Officer. In a recent Interview, Guimaraes reiterated that, back in 2004, the national economy was growing at a considerable pace. This provided favorable conditions for operating a company as evidenced by the steady rise in credit gearing and living standards of the citizens.
Between 2004 and 2010, the company’s growth rose significantly due to its dedicated management team as well as skilled employees. Within this six year period, the firm specialized on consigned market credit. This was a relatively new field pioneered by Banco BMG. This market experienced a lot of growth with consigned credit in 2010 reaching $85 billion, up 20% from $6 billion in 2004. Credit portfolio reached $14.5 billion up from $2.4 billion while Banco BMG’s equity reached $1.4 billion. Many individuals prefer this source of finance because it provides cheap personal credit.
Ricardo affirms that despite the vast investments in this market through the years, there is still a lot of potential for growth in this sector since it is yet to be fully exploited. This is the main reason why Banco BMG plans to expand and invest in the provision of consigned credit in the future. The company has helped develop this sector since its infancy earning the rights to be considered a pioneering agent. It boasts of vast distribution networks in Brazil and ready access to international capital markets. This is due to its bonds issue and other products.
Due to rising demand for services and increasing number of clients, it has initiated plans to increase its amount of customer relations and interactions while still improving service delivery. It has been involved in increasing its service offering through acquisitions for example GE Money. The company is also an avid supporter of sports development in Brazil. This is part of its social responsibility programs. This has seen the company sponsor many sporting activities like soccer and basketball. It has a partnership and collaboration deal with one of the nation’s local television channels to support sports. Other projects include old age housing and healthcare initiatives.
Ricardo Guimaraes has been with the company since 1980. He graduated in 1988 with a Business Administration degree. In 1989, he became Banco BMG’s Financial Executive Officer. Later in 1966, he was appointed Vice President of its board of executive members. He held this position until 2004, when he was elevated to CEO and President of the company.
He has received many awards throughout his successful career one of which was the 2011, Banker award in the Best CEO category. He advises aspiring business executives to be highly focused, hard working and excellent team players. He urges them to give back to the community.