Ricardo Guimaraes is the current President of BMG Bank and a mining tycoon. He is the son of famous Brazilian businessman Pentagna Guimaraes. Since 1998, Ricardo is very active in his family’s business. His grandfather founded the Banco de Credito Predial in 1930 which developed the Guimaraes Family’s relationship with the country’s financial sector. Ricardo Guimaraes is credited with making BMG Bank the leader of payroll loans and personal loans in the country. He is known as a skillful administrator who restructured the banking system and reduced interest rates. In 2012, Ricardo Guimaraes and Executive President of Itau Bank announced the joint venture of BMG Bank and Itau Bank. According to Executive Vice President of BMG Marcio Alaor, Ricardo Guimaraes does not advertises himself and works quietly to get things done. It just took three days for Ricardo to negotiate the deal successfully.
According to the deal made by Ricardo, the new organization started operating in Sao Paulo with a capital of one billion US dollars. BMG Bank had thirty percent of the shares while Itau Bank controlled seventy percent of the shares. Marcio Alaor said that the negotiations began on Saturday where Ricardo proposed the joint venture of Itau and BMG. The deal did not affect BMG’s previous status. BMG was previously operating with a monthly deductible payroll loans of five hundred million US dollar. The new institution began operating with a monthly amount of eight hundred million US dollar. The deal brought three million customers to the new institution and made BMG one of the top ten banks in Brazil. The collection board was given to BMG while other boards were given to Itau Bank. Ricardo Guimaraes explained that the bank’s primary focus would be on car financing and loans. Later, the business would also include products like credit cards. Ricardo said it is a win-win deal for both banks.
Two research institutes including a British research institute released their study about Brazilian entrepreneur Ricardo Guimaraes. It says that Ricardo is a man with great creativity and vision, but he lacks proactivity. Both research institutions asked questions to nine thousand respondents about Ricardo Guimaraes’ BMG Bank. According to the study, the ‘big dream’ score was the highest while the proactivity score was the lowest. BMG Bank is very popular in Brazil for valuing the sports talent. The Bank is the main sponsor of different teams belonging to different categories of the sports. Ricardo Guimaraes often says that it is important to support athletes because they are very disciplined professionals who are committed and devoted to their goals. BMG values what athletes do. Ricardo also said that BMG’s partnership with different sports teams shows how much his organization recognized sports and committed to supporting them.