Founded over 85 years ago, the Banco de Minas Gerais (BMG) is and has been one of the leading retail and wholesale banks in Brazil. It has continued to be the model bank in Brazil, a benchmark for other banks to watch and the standard to use for adjusting to various changing situations in the banking environments.
The bank has continuously changed its scope to increase its effective coverage and also maximize its profits. Started just as a commercial bank by the Guimarães family, the bank has expanded into businesses such as light and heavy vehicle financing, home equity loans, and funding institutions.
The bank has also formed mergers and expanded itself by entering into various agreements, pacts, deals, and even partnerships. Of primary significance is the acquisition of majority equity of the commercial bank Brasilinvest Banco Commercial S.A., purchasing of all shares of GE Money in Brazil and most significantly the business unification agreement with Itaú Unibanco S.A. The Bank owns 40% of the Banco Itaú BMG Consignado.
These critical partnerships have seen the bank lease some burdens to the partners and focus on other sectors of banking and credit services such as payroll credit cards, funding vehicles and the home equity loans.
All this would not have been possible without the leadership of Marcio Alaor, the vice president and director of BMG bank. He has created a strong reputation for the bank by setting up a specialized, highly qualified and highly motivated staff.
Some of the very significant achievements of the bank under the leadership of Marcio Alaor are the increase of the customer base by over 60%, having a clean loan record, a strong reputation nationally and the embracing of new technology and strategy to handle the varying capital and banking environments.
On strategic planning, the bank has been fervent on building consistent results. This has been based on the following key pillars. One, maximize profits the bank makes by increasing its customer base. Secondly, increase the sources of revenue to ensure liquidity at all times. Lastly, create a reliable human capital that is efficient and motivated at all times.
By the use of these simple yet effective management and planning base, BMG has risen the ranks to be the leading bank in Brazil. Evidently it shall be the bank adapting even to fit the unknown changing future.