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Banco BMG – Leading Commercial Bank in Brazil

Banco BMG is one of the leading commercial banks in Brazil. The bank opened its doors in 1930 by the very prominent Guimarães family. The family owns the bank privately. During the early years, the main focus of the bank was wholesale and consumer financing. The bank financed light and heavy weight automobiles, as well as providing investment services for individuals and businesses in Brazil. Other services Banco BMG offers include commercial loans to small and medium-sized companies, credit cards, payroll loans, investment and insurance solutions, accepting deposit products such as demand, interbank, and time deposits.

As the years go by, Banco BMG ventured into the highly lucrative field of payroll deduction credits. The bank joined forces with Itaú Unibanco S.A in July of 2012. Their goal was to offer payroll loans in Brazil. Both companies formed a joint venture called Banco Itaú BMG Consignado S.A. and made it official by signing the agreement in April of 2014. The business operated as a joint venture with payroll deductions as its main focus. Banco BMG currently owns 40% of the total voting capital stock, and Itaú Unibanco owns 60%.

The joint venture has enabled Banco BMG to focus more on Payroll Credit Card. Marcio Alaor is Vice President and Director of Banco BMG. He works with a professional team of bankers to help offer loans, payroll credit, home equity financing, used car loans, and the financing of medium to large companies. Marcio Alaor is not just the director of the main bank. He is also the director of the Payroll Loan segment, which Banco Itaú BMG Consignado handles. Marcio Alaor is also known to be quite conservative.

Banco BMG has agreed to acquire GE Money Brazil. The sale includes all of GE Money Brazil, its employees, retail partnerships, branches, customers, and the assets of GE Money Brazil. The acquisition will help Banco BMG to focus more on payroll deduction credit. The company will still continue to handle such services as credit cards, personal loans, and store CDC. The IT structure of the bank is prepared to increase its number of transactions.

The bank’s strategy is to remain profitable, provide quality assets, maintain diversified funding sources, and to operate efficiently. The bank is focused on the growth of its loan portfolio to help sustain the company. Banco BMG takes a very conservative approach to its high-quality credit card portfolio. The credit team is very strict when it comes to approving loans.

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