Ricardo Guimaraes On Achievements Of BMG Bank In The Consigned Credit Market

Ricardo Guimaraes On Achievements Of BMG Bank In The Consigned Credit Market

When talking about the recent growth in the consigned credit market over the past few years, BMG Bank CEO and president, Ricardo Guimaraes, attributed it to its huge demand compared to other personal credit products. He points out that consigned credit is currently the cheapest form of personal credit and this is partly the reason its demand has been soaring. Upon taking up the presidency of the BMG bank, Ricardo notes that only 20 percent of the consigned credit market had been exploited. The level of exploitation in this sector has since gone up and stands at over 47 percent.

As the president of BMG bank, he realized the huge value this sector possessed and initiated policies to its exploitation. His bank is the pioneer in the consigned credit market and controls a significant share of the gains therein. This has been valuable to the bank and instrumental in assisting it gain an influential niche in it’s the banking industry.
Ricardo Guimaraes pointed out that due to the gains from the consigned credit market; BMG Bank has been able to expand its credit portfolio as well as the banks equity tenfold. As at 2004 when he was taking up reigns as the bank’s CEO, its credit portfolio stood at slightly above $2 billion but had grown to more than $14 billion by 2010. Its equity had also expanded from $300 million to over $1 billion in the same period.
Ricardo attributes this great achievement not only to increased awareness of the public about the consigned credit but also to his dedicated members of staff. He notes that the bank would not have achieved this if it were not for its able, highly motivated, and hardworking team of staff that he commands. As pioneers of this credit product, they have been instrumental in the origination and implementation of its operations.
The bank is however, not only concerned with bank operations and profit generation. It has also partnered sponsors and participates in several community and social projects all over Brazil. For instance, it is the leading soccer league sponsor nationally, sponsoring both league and two soccer teams. The bank also sponsors several other basketball, volleyball, and athletic teams in various states of Brazil. In harnessing sports talents they have partnered with local television stations an action that has also been significant to their marketing.
Going forward, Ricardo Guimaraes seeks to further exploit the credit product that remains more than 50 percent unexploited. The bank is passionate about this achievements and Ricardo relies heavily on the bank’s staff to push this achieve this target.

0 Comments

Add Your Comment: