THE CONTRIBUTION OF BMG BANK AND MR. RICHARDO GUIMARAES TO THE BANKING INDUSTRY IN BRAZIL

Brazil consignment credit sector is the most advancing sectors in the credit industry. The country has over 60 banks competing in the untapped consigned credit segment. The leading bank is the Banco BMG bank that accounts for over 60% of the market. Over 50% of the credit consignment section is untapped. The BMG bank leads in accounting for over 80% of the market share. Being the pioneer in the industry BMG has over 3000 points of sales in the country. Besides it has over 50000 agents’ distributed in every major municipality in the South American country. BMG has very professional and highly qualified team. The team is responsible for the bank’s growth in the sector.
The bank was founded in 2004 by its President Mr. Ricardo Giurmaraes. Since its formation, BMG has taken numerous steps in serving to ensure excellent service for its customers. Under Mr. Giurmaraes BMG has grown to become one of the leading banks in Brazil. The bank has acquired several assets that are significant in fulfilling its mandate. When the bank was founded in 2004, the economy of Brazil was very favorable. The country economy was growing impressively, and the inflation was in control. At that time, the market was worth 6 billion dollars and BMG accounted only 40% of the market.

The journey of success for BMG has been a long one. It was the first bank that pioneered the idea of consignment credit. It’s the most advancing in the credit sector and the bank it very committed to tapping the potential that remains unutilized in this market. Mr. Giurmaraes is an exceptionally skilled entrepreneur. His entrepreneur skills have propelled the bank to top leading banks in the country. The business graduate has served other important senior positions. He is a board member of the board of councilors for the Banco BMG in South America.
Despite the bank maintaining a lead credit sector of in the banking industry, it has diversified its services in other sectors too. The 50000 agents and 3000 points of sales have enabled the bank to reach several people with banking services. The bank has invested in reaching the customers and offering them excellent services. The bank has supported several other sectors of the industry including soccer and youth organizations. The bank is an active talent promoter. BMG believes that developing skills are an important aspect of economy growth. Socially the bank supports social services for the better welfare of the society. The projects are for helping community’s life improve.

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