Behind The Success Of Banco BMG Is Ricardo Guimares, A Man With A Great Vision, Entrepreneurial Skills, And Creativity

Ricardo Guimares is the president of Banco BMG in Brazil. Founded in 1930, it is one of the major retail banks in Brazil. Ricardo Guimares is a professional in the mining business. As mentioned on Crunchbase, he has been part of the family business since 1998. He is the son of the Flavio Pentagna Guimares. This family has been part of the financial industry in Brazil and first entered when they inaugurated Banco De Minas Gerais SA. This company was a commercial bank which provided products for legal entities and individuals.



Banco De Minas Gerais or BMG was leading in the market of financing light and heavy materials in the 1980s. They started offering payroll officially in 1998. Since then they have been a leader in the market of this type of operation. A joint venture named BANCO Itau BMG Consignado SA was formed in 2012 when Itau Unibanco SA entered into an association agreement with BMG. This joint venture was formed for the purpose of distribution and selling of credits that will be consigned in Brazil. This business proved very successful for both companies and later in 2014; these companies signed a business unification agreement where the focus was to concentrate the consigned credit operation into the joint business as mentioned in this Wikipedia article. In 2016, the IFC (International Finance Corporation) will invest $1.7 billion in Brazil as mentioned by Marcio Aloar, the executive of BMG bank.



The BMG bank also has an interest in sponsorship of sporting events and respects the athletic talent available in Brazil and Minas Gerais. That is why; the bank has sponsored many athletes including those who take part in international events and competitions. Moreover, not only the bank but also Ricardo Guimares has taken great interest in contributing to the development of sporting endeavors. He has remained president of Club Atlético Mineiro during 2001 and 2006. Mr. Guimares has also established the ‘Galo’ training center for sports in Brazil. Guimares has also invested a large amount to help in the progress of Olympic gymnastics, tennis and volleyball players. The Brazilian entrepreneur is also known for his attention towards the social development and community work and thus, helped in the construction of the Baleia Hospital and the São Vicente de Paula Foundation. Ricardo Guimares is not only an exceptional businessman and entrepreneur with an eye for philanthropy and love for sports, but under his management, the BMG bank has progressed by leaps and bounds. Banco BMG has become the largest provider of personal and payroll loans in the country under Ricardo Guimares. Mr. Guimares focused on creating a lean structure that used reduced interest and low defaults as techniques.



For all of his professional achievements and contributions to the community, Ricardo Guimares was awarded the honor of Merit diploma from the City Hall. He was presented with this award by the councilman Daniel Nepomuceno, according to this article in Camara Municipal BH.

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