BMG’s President Ricardo Guimarães is Succeeded by Antonio Hermann
BMG Makes Changes in the Bank’s Direction
Banco BMG recently formed a joint venture with Itau Unibanco to operate in the loan payroll sector. BMG’s plans are to create a process that makes its management more professional, with respect to the hiring of executives. The Petagna Guimaraes family has always controlled the entire BMG Company, until now. The family plans to become part of the shareholder council, which will open up the company to external investors and market professionals. The reorganization of the company will include eliminating products that do not add significant value to the firm and an eventual doubling of the existing payroll deductible loan portfolio, which is BMG’s main and most lucrative product.
As the institution switches from a private to public firm many changes will occur for example, Flavio Pentagna Guimaraes will no longer be the chairman of the board, with the position being handed over to the President of the Brazilian Federation of Banks, Alcides Lopes Tapias. Executive president, Ricardo Annes Guimares’s position will be passed to Antonio Hermann, another well qualified individual.
Bano BMG’s immaculate reputation and over 80 years of experience will continue into the future says the new CEO, Hermann. The Itau Unibank currently manages $27.42 billion in assets, which will increase with the joint venture with Banco BMG. Some consumer credit and finance services will be reduced and even eliminated, as these are not BMG’s main areas of expertise. The consumer finance and credit services were added when BMG acquired Banco Schahin and GE Money last year.
Ricardo Guimaraes is the son of financial tycoon Flavio Pentagna Guimaraes who is responsible for the creation of BMG, which is Brazil’s largest provider of loans. The BMG bank functions on a lean structure with low interest rates and provides services mainly to the low-paying public sector. The Pentagna Guimaraes family to which Ricardo belongs is one of the wealthiest and most powerful families in all of Minas Gerais, Brazil.
Ricardo Guimaraes’s immaculate career began well before his participation in BMG. Ricardo was a prominent sports figure with a passion for the alvinegro club, Atletico-MG; he took command over the club until Ziza Valadares took charge. Ricardo and BMG believe in supporting struggling athletes who are dedicated, disciplined and commited to reaching their goals and fulfilling their dreams. Ricardo believes the values that these sports personalities have exactly what BMG encourages with its employees.