The History of BMG Bank In Brazil
BMG Bank was founded in 1930 by the Pentagna Guimarães family, a family well known for its history and early involvement in the Brazilian financial markets. BMG stared out a private commercial bank that serviced both individual customers and companies with deposit accounts, investments and loans. In 1971, the bank formed a separate division that was focused solely on providing financing, investments and credit to its customers. 1973 saw BMG Bank cease its retail banking operations. BMG closed its deposit and checking accounts and instead focused on providing loans to consumers and businesses. In 1976 BMG Bank created BMG Leasing. The bank was now focusing its efforts to providing financing for the purchase of vehicles for private individuals and companies in Brazil. The bank quickly establishes itself as one of the top financiers for vehicle purchases in Brazil.
In 1985 BMG absorbed Brasilinvest Banco Comercial S.A and once again offered commercial banking services to clients such as checking and deposit accounts. 1998 saw BMG shift its focus to providing payroll loans to government workers in Brazil. In a span of only seven years BMG Bank quickly established itself as one of the leading payroll loan providers in Brazil by 2005. In 2011 BMG Bank expanded operations with the acquisition of two banks GE Money and Banco Schahin. 2012 saw the creation of an independent bank in partnership with Itaú Unibanco that would only provide and manage payroll loans in the Brazilian market. The partnership proved to be extremely successful and the new joint bank partnership has seen record levels of payroll loans.
BMG Bank Operations Today
Today BMG Bank offers a wide array of services. It remains a leader in providing payroll loans for government workers on the local, state and federal level through Banco Itaú BMG Consignado S.A. Commercial banking services such as checking accounts, personal loans, and investments are offered by the company for both individuals and small businesses. The bank also provides financing for vehicles, home equity loans and capital for medium and large companies.
Marcio Alaor’s Contributions To BMG Bank
A critical figure in the success and expansion of BMG Bank is current vice president and director of BMG, Marcio Alaor. Marcio has worked for the company since 1977 and has amassed more than 30 year of management experience at BMG Bank during his tenure with the company. He was appointed control executive director of the company in 1999 and under his guidance BMG Bank continues to diversify it assets, limiting risk and increasing profits through conservative investment policies. Marcio Alaor holds an undergraduate and graduate degree in business administration and is poised to lead BMG Bank through an increasingly global financial market.