Ricardo Guimares is the grandson of the man who built Brazils greatest bank. He has himself taken the footsteps of his old man and currently sits at the helm of a company that has achieved success in a competitive area. He has built Banco BMG to be the biggest lender in consigned credit in a country where personal loans are very expensive.Guimares has achieved this through good sponsorship deals that have seen the bank became the biggest sponsor of sports teams in Brazil. He is himself a football fanatic and his loyalty lies with Atletico Mineiro.The three letters B.M.G are every week displayed proudly as his team plays its matches around the country. It is the perfect marketing Stunt in a country with over 200 banks, and it has paid off handsomely.
Banco BMG also sponsors another 99 teams across all divisions in the football-crazed nation. It also sponsors other sports like tennis and basketball. Despite the head honchos football support, the bank doesn’t officially support any one team and only seeks to brand and market itself through these teams. Soccer is a religion in Brazil and failure to jump the soccer sponsorship bandwagon is a sure way of wishing your exit from the market. Banco BMGs style has seen it became the biggest sports sponsor in Brazil. It also has reaped from this marketing strategy as on a per dollar spent financials, it has the best returns in the market.
BMG is also on a growth path and has already acquired Banco Schain and Banco GE. These have seen it expand its customer base and expand into new market territories like vehicle financing. It has also attained over 5 million customers with a distribution network of 3000 branches and 50000 agents. It leverages this extensive distribution network to deploy and scale its products efficiently. It is also the market leader in consigned credit with 80% market share. It has leveraged its international networks to float bonds routinely in the bond market where it has raised billions. This access to capital has assisted it to fuel its growth plans.
Ricardo Guimares is a Business Administration graduate who started his career with Banco BMG in 1980.He has since grown the ranks to be named the CEO in 2004. He advises anyone seeking to enter the Brazilian market to hire the best and work hard.
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