BANCO BMG BANK’S GROWTH UNDER ITS PRESIDENT MR. RICHARDO GUIMARAES

Richardo Guimaraes is the found and the president of the BANCO BMG Bank Company in Brazil. Since 2004, he has served as the chairperson of the bank. The bank is leading company in the banking industry. The country was in a very favorable time in the economy, and the bank took advantage to grow positively. At the time BMG was started, Brazil economy was increasing, and the inflation was in control. BMG was focused on a market of 6 billion dollars, and BMG accounted for 20% of the market. BMG currently accounts for 60% over of the market. It’s impressive growth is due to hard work, dedication and professionalism of the company’s team.

BMG was the pioneer in the consigned credit market. Among the choice of the banks credit market, consigned credit market has been the most advancing. It’s the cheapest personal credit option for most Brazilians. The enormous demand has fueled high growth in the consigned credit market. The banks have only exploited less than 50% of the market. This gap still leaves an enormous portion of the market open for investment. This sector of the credit industry has untapped potential and despite it being the leading, a lot can be done to tap its fullest potential.
Being the pioneer in consigned credit market, BMG is considered the main the major bank in developing the sector. The bank is also the leading one in the operations of developing this important sector of the economy. BMG continues to be focused on the consigned credit market and has laid down the plan to take advantage of this untapped potential market. The bank holds over 80% in market share in consigned market. Despite the competition being high with more than 60 banks in the segment, BMG continues to be at the lead.
It has the biggest distribution channel in the banking industry of Brazil. The bank has over 3000 points of sales and over 50000 agents for sale that are all committed to developing the bank’s agenda. The agents are distributed in major municipalities in Brazil ensuring a wide distribution of BMG services. The bank has open access to the capital market through its bond issues.BMG is very attentive to new opportunities. The bank aims to remain closer to its clients by investing in various assets acquisitions. The significance of these assets is for BMG to attain a wider market and satisfy its currents customers with its services.

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