The Huge Potential In Consigned Credit As Expounded By Ricardo Guimaraes Of BMG

The Banco de Minas Gervais has attributed its growth to a number of factors such as the population growth, the economic growth and the favorable business environment in Brazil. There was a twenty five percent increase in the credit exploratory of the gross domestic product. The credit exploratory percentage stood at 22% in 2004. Currently, this figure has risen to 47%. During a recent interview with world view, Ricardo Guimaraes revealed that the BMG’s consigned credit market had amassed $6 billion making up 20 % of the total share in Brazil. He serves as the president of the BMG. He has been rendering his services in his position since 2004. Growing up and learning the business from his family has enabled him to register gradual growth of BMG.
In 2010, the consigned credit market was $ 85 billion, which constituted 60 % of the bank’s personal credit. The significant increase in the consigned credit market has made a visible impact on the country’s economy and BMG’s. In 2004, the consigned credit market had around $2.4 billion and by December of 2010, this amount had steadily grown to $14.5 billion. According to statistics, the consigned credit market in BMG records a steady growth year after year. This has been achieved courtesy of BMG’s credit committee that utilized viable credit policies.
The people of Brazil have enjoyed the services of the bank for over eighty years. Ricardo Guimaraes is a member of the Pentagna Guimaraes family and just like his predecessors; he continues to keep the family legacy alive by improving the image, success and services of BMG. The bank is highly rated within the credit market. The institution is considered a leader in credit markets all over Brazil. The bank is in competition with 60 other banks. Irrespective of the intense competition, BMG has still managed to own a larger market share of about 80%.
BMG has 3000 sale points and 50,000 agents in every municipality. This enables them to meet the demands of their 5 million customers. In its client base are top corporations. These are among the factors that have pushed BMG to enjoy an outstanding consigned credit market thus making it the preferred bank in the region. The bank continues to offer innovative services and products geared at enhancing the consumer experience. To this end, half of the Brazil market has been exploited. The bank has higher propensity for growth and development given that half of the population remains unexploited. These unexploited markets have the power to improve Brazil’s economy.