Ricardo Guimaraes: Leading the Banco BMGJanuary 8, 2018 - Author: steph
Ricardo Guimaraes is the current president of Banco BMG, which is known as one of the largest financial institutions in Brazil today. With the direction of Ricardo Guimaraes, Banco BMG is entering joint ventures with other financial institutions, and one of them is Itau Unibanco. Ricardo Guimaraes requested the Itau Unibanco to lead the operations in the company’s payroll loan sector, and he hired several professionals that will be leading the newly formed segment of the firm. He decided that the company should be hiring professional executives, which is vital to the company’s growth. His family will also become a part of the council of shareholders inside Banco BMG, and Ricardo Guimaraes decided that market professionals should be invited inside the shareholder’s assembly to improve the company’s value. He made spaces for them to enter, and promised that the newly restructured company would be doing its best to serve their customers and clients.
For over 80 years of operation, Banco BMG is known all throughout the country as a reliable financial institution, which is why people from all of Brazil are opening up accounts with them because they know that the company could not be in trouble because of their high valued assets and revenues. Ricardo Guimaraes stated that he would have to go down as the company’s president after the restructuring process because he would have to oversee the financial institution’s overall operations from afar, and he also revealed that he now wanted to manage the company indirectly.
The business model that Banco BMG follows is considered as one of the best structures available for a payroll lending business. According to Ricardo Guimaraes, they managed to get more customers and clients because of how they presented their products and services, and combined with word of mouth advertising and proving their performance through advertisements and testimonials, the financial institution became larger and stronger. Banco BMG has acquired several competitors in the past to secure its position as one of the leading financial institutions in the country. They have purchased GE Money and Schahin Bank in 2010 for hundreds of millions of dollars, and these business decisions have been proven to be beneficial for the company. Banco BMG, with the support of Ricardo Guimaraes, continues he reliable service that is being enjoyed by their clients for so many years. The newly formed partnership with Itau Unibanco would only help them reach unreachable areas in Brazil.