TRACING THE BMG BANK’S GROWTH UNDER RICARDO GUIMARAES
When a business is doing well as it has for many decades, all the stakeholders are jubilant. One such person is Ricardo Guimaraes the Chief Executive Officer of the BMG bank group. Having been at the bank for over three decades, he has risen through the ranks and established a reputation in the banking industry. Guimaraes is a darling of the local population and provides advisory feedback for various policy makers.
Guimaraes influence has guided the operations of the bank for over ten years of phenomenal growth now. BMG is one of the institutions to benefit from the economic boom in Brazil. An increasingly financially empowered population has provided a broader customer base. Demand for credit has created demand for BMG’s financial solutions.
The administration of the bank has put in place comprehensive and strategic measures to put the bank on the roadmap to success. Technology and innovation has become the core of the organization’s experience. By keeping up with current trends in the credit markets, BMG stays ahead of its competition.
The presence of BMG in the market for so long plus the influence of its CEO Ricardo Guimaraes serves as an attraction for clients. The bank also relies on external links with other institutions in the international credit markets. The bank has over 3,000 points of sale outlets all over the Brazil. In keeping up with trends in the sector, the bank has turned to agent banking alternatives to satisfy customer demands.
These retail and agent options have created efficiency in operations and branding. Ricardo Guimaraes acknowledges the massive branding power afforded by agent banking. The market shares the bank controls has also risen to a third of the entire market representing almost 5 million customers. BMG also invests in other financial institutions by acquiring controlling stakes.
Their corporate responsibility activities target the future by focusing on youth and the rich local culture. The youth has become an invaluable asset to the Brazilian economy. They maintain contact with the youth through education, sports, and cultural exchange. BMG, therefore, sponsors football and volleyball teams throughout the sports leagues in the country. Cultural festivals and exchange programs also facilitate the banks interaction with the future clients.
Ricardo Guimaraes acknowledges the bright future that BMG foresees. The strategies in place guarantee that the bank will stay profitable for many years to come. The credit markets in Brazil remain largely untapped, and BMG is ready to explore this option.