BMG Success In The Brazilian Banking Industry
BMG is a Brazilian privately owned bank. The organization is owned by the Pentagna Guimaraes Family. BMG has been offering financial assistance to the people and business in Brazil for a long time now. It is mainly involved in offering of cheap and affordable loans. The organization started primarily by offering financial assistance towards the purchase of heavy and light motor vehicles to wholesale and retails business. However. BMG is changing its business trends and is offering payroll loans.
Ricardo Guimarães has been the president of BMG since 2004. He rose to power in a time when the country’s economy was gaining momentum. The situation was very conducive for the success of BMG at the time as the economy was growing and inflation was at its lowest. The people of the country had better buying ability that was very conducive to the success of the organization as it favored borrowing habits.
BMG has become a success in its operation as a result of having a good business environment. The BMG customer base in Brazil is big due to high population. The fact that the organization is located in almost all the municipality is a plus and makes it one of the most accessible banks in Brazil. The bank controls a significant equity share in the market making it the best when it comes to offering loans.
Over the years, BMG has become the most reliable provider of alternative sources of finance. It offers competitive loans to the market that has created huge demand for the same. Less than 50% of the total market in Brazil’s banking industry is still unexploited. Consequently, BMG still has room to expand its operation and marketing strategies further.
BMG has more than 60% market share competing with more than 60 banks in the country. The bank owns one of the biggest distribution channels in Brazil. The channels include over 3000 points of sale and over 50000 agents.
In conclusion, BMG leadership has been instrumental to the exponential growth the organization has experienced over the years. Ricardo Guimarães has been a rock in mentoring the employees as well as offering the employees mentorship. Under his leadership, BMG has grown to become the financial giant it is today.