Brazilian banking sector has a long history. There are institutions that are part of this history while others have a hand in the creation of the history. BMG bank is one of those institutions that have helped create history for the banking industry in Brazil. With an impressive list of accomplishments, BMG bank is considered one of the oldest and most preferred banks in Brazil. It recounts its history in the early 1930’s when the Gumaraes family began the venture. Nearly 90 years later, we still enjoy the seeds that were sown by the Gumaraes.
The family-owned financial institution started by financing auto loans for both light weight and heavy weight commercial vehicles. Upon realizing stiff competition in the area, the institution shifted to a less risky business, that of offering payroll loans. This is still the main product that has seen BMG stand out in the competitive banking industry. The companies joined up with Itau Unibanko S.A in 2014 to diversify its market as well increase its authority in the banking sector. Since its inception, BMG bank has been known for its conservative credit policy. The bank has been able to cut their market niche, a strategy that has seen them survive the stiff competition for more than eighty years.
The bank attributes a big part of their success to the manpower behind the company’s major strategies. Mr. Marcio Alaor, the BMG vice president, has been instrumental in the success of the company. Mr. Marcio Alaor, was not born a Brazilian bank executive, he has worked his way up to be one of the most prominent business leaders. Few will believe that Marcio Alaor started has a shoe shine boy. Throughout his life in the bank, he has helped dozens of local people start businesses as well as playing a crucial role in the expansion of the city.