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BMG is a financial institution, which is owned by one of the richest families by the name Pentagna Guimarães. This institution was established in the year 1930. Later, it changed its name to Banco de Minas Gerais S.A. Its products are provided to both institutions and individuals. The main objective of this establishment was to provide financial support to consumers. It was one of the market leaders, which dominated the market in providing financial assistance of both heavy and light automobiles. The bank has also focuses on provision of payroll loans.
To offer distribution and commercialization of payroll loans in Brazil, BMG entered into a contract Itaú Unibanco S.A in the year 2012. This agreement led to the formation of a joint venture, which was referred to as Banco Itaú BMG Consignado S.A. in order to unify the two businesses, they signed another agreement that was to focus the operations of the payroll loan at the joint venture.
Presently, BMG possess about 40 percent of both the total and voting capital while Itaú Unibanco owns about 60 percent. Owing to the formation of this joint venture, BMG has gained many benefits. For instance, the banks has been able to concentrate on more tactical products like payroll credit cards. It has also been in position to offer financial support to both small and large organizations. In addition, it has been involved in assisting dealer in used vehicles.
BMG is well known for working with credit portfolios of high quality. This has been made possible by the implementation of conservative credit policy. A credit committee usually makes all decisions concerning the progress of the bank. This committee is formed to help the bank to achieve its demands in a more efficient and intelligent methodology. Since this bank has heavy invested in human capital as its main asset, it has been in position to make a distinct difference among other banks.
Among the individuals who have been a key to the success of this bank is Marcio Alaor. Mr. Alaor is among the management team of BMG and plays a very important role in making decisions concerning the bank. He holds a bachelor’s and master’s degree in business administration from one of the best universities by the name Instituto Metadista Benett. Owing to his philanthropic activities, Mr. Alaor commands a lot of respect in San Antonio, which is his hometown. He is remembered by his efforts in developing the town.