Banco BMG has made much progress especially after it formed a joint venture with Itau Unibanco to operate in the payroll loan segment. This process was meant to make its management more professional through the hiring of new executives. The changes involved include a structure that will fit the Pentagna Guimaraes family that has always controlled the company to join the new group of professionals.
The primary aim of this process is to ensure the new move of doubling the payroll loan portfolio is well-managed as products that do not add value to the bank will be eliminated. After the process of joining is completed, it is expected that the Chairman of Directors currently held by Flavio Pentagna Guimaraes will be passed to Alcides Lopes Tapias. He has been very successful for managing Itau Unibanco and Bradesco and being the president of Brazilian Federation of Banks and experience in the Ministry of Development Industry and Foreign Trade.
The executive presidency will also be passed from Ricardo Annes Guimaraes to Antonio Herman. Herman was previously the executive President of Brazilian Association of Banks (ABBC). Indeed, BMG has had an upward progress over the last 80 years. Being the market leader in the credit business in Brazil, the trend going forward should be to maintain this position by offering the best services. However, the names of the two executives will have to be approved by the board and the central bank. The new Itau BMG consigned bank would aim to supply, market and distribute the payroll loans.
BMG gained in market share this year when it acquired Banco GE Capital S/A, the provider of General Electric (GE) services and promoter of sales from GE. Ricardo Guimaraes is the son of Flavio Guimaraes and grandson of Antonio Mourao Guimaraes. 1980 is the year he began working for the family business as an office assistant until he graduated in 1988 with a Business Administration course from UNA.
Having served as the former president and businessman of Banco BMG, Ricardo Guimaraes received a city council Merit Honor diploma in 2011. The award was in recognition of the work done by Ricardo Guimaraes from 2001 to 2006 as the president of the company. In his speech, Ricardo Guimaraes said that he was humbled to have been given the position and said that Belo Horizonte is still his professional and family roots.
The ceremony was attended by many dignitaries including the Secretary of State of Government, Danilo de Castro, Municipal Secretary of Finance, Jose Afonso da Silva and President of the Legislative Assembly of Minas Gerais (ALMG), Dinis Pinheiro (PSDB) among other dignitaries. Being one of the richest and most powerful families of Minas Gerais, the family is also respected for their success in business especially in the financial sector that started way back with their grandfather of the current president.