BMG was initially established in 1930 as a family ran a business for the Guimaraes family as Banco de Credito Predial S.A a commercial bank that operated by offering individuals and institutions loans. BGM is famed for being the leading lender of finance when it comes to the financing of heavy and light vehicles. It does this by offering financial loans especially to employed people which has helped in the creation of its brand. BGM used to offer wholesale and consumer financing but after the 1990s it changed its strategy by starting offering the financing of heavy and light vehicles and it has never looked back.
BGM has become a giant in the ever growing Brazilian economy. A growing economy always requires the assistance of banking sector for expansion and growth. BGM has not disappointed in this role as under the leadership of its CEO Ricardo Guimarães it as only prospered. Consequently, it boasts a large number of client bases and is one of the leading banks in Brazil.
Growth of BMG is not something that has happened overnight. Its growth is attributed to patience and investing in strategies after thoroughly researching on them. The organization under the able leadership of Guimarães has strategized in the following areas:
The organization has put measures in place that ensures that it still maintains the trust of the public hence maintaining its credit rating. The ability to maintain its credit rating ensures that it can invest in acquiring assets without losing its credit quality.
BMG has also borrowed heavily from other financial institution to finance its projects. The borrowing has helped create a strong brand and also helped it in its expansion strategies, especially in micro and small and small company segments. It has also successfully expanded its basic service to become a major financial provider in Brazil.
Investing in new products like “BDMG Acredita” meaning BDMG believes which aimed at supporting small and medium scale an enterprise is one of the major milestones that has led to its expansion. The ease of getting the loan especially through the internet made BMG a major hit in Brazil. The flexibility of collaborating with other organizations can also be credited with the creation of the new products hence attracting it to more customers.
Investing in offering credit by having correspondents have worked perfectly for BMG. Currently, BGM is offering more than 250 register entities which it offers credit solution hence living up to its strategy. It has built an image positioning and communication that has enhanced its brand as the major financial solutions provider. Having an interactive website that comes in both Portuguese and English has worked greatly to its advantage. It is, therefore, safe to say that BMG has captured the Brazil’s financial market.