Ricardo Guimaraes on Banco BMG, the Credit Market and the global market

Ricardo Guimaraes, the CEO of Banco BMG was lucky to be born in one of the richest families of Minas Gerais. He was always innovative and believed in hard work for success, which is what he showed when he took over the company in 1998. The fortunes of the family date back to 1930 when the Guimaraes’ grandfather founded the Land Credit Bank. One of the achievements of Ricardo Guimaraes is the way he made BMG the leader in the credit market and today BMG is he is well known for being the largest sponsor of football in Brazil. Since BMG does not support any one team, it supports even the rivals.
The commitment of the CEO has been seen several times especially in the way he used his pocket money to help the team in the times of trouble. Guimaraes has opted to bet the future of the business using the strength in the consigned credit as the primary product of the bank. After completing a joint venture with Itau Unibanco to operate on the payroll loan segment, Banco BMG has opted to hire industry executives to manage its processes professionally. Banco BMG is the market leader in the credit business, and it aims to maintain this position in the future. One of the strategies undertaken by Guimaraes is to search for a larger portfolio of payroll loans. The process has already started through the recent joint venture. The main article is available on diariodocomercio.com.
Financial executives believe that the new financial institution will not affect negatively the results of BMG even in its competitive advantage. Guimaraes relationship with the football world goes beyond just sponsorship and the passion by the fans. He had been active in the alveinegro mines as the chair for five years now when he left the presidency’s athletic. Guimaraes has been one of the most respected leader in the club both by the fans and by the board members.
Guimaraes presented data by the NDRC and the ANZ about the change in growth for China and how it might affect the BMG strategies. According to the report, China’s growth in 2016 is expected to be lower at 6.5%. China has recorded an accumulated product growth of 6.9% which is being considered the lowest since the global financial crisis of 2007/2008. Even though the president of China has reiterated that the growth of 6.5% will accomplish China’s goals, several economists have criticized the president saying that the data are inflated to reflect foreign trade data and recent hiring in the industrial sector.
Guimaraes has however said that the new slow growth is better because it is more sustainable and will help to restructure the Chinese economy with a greater focus on development new technologies and consumption, rather than direct investment and foreign trade. Guimaraes emphasized that the growth of a country should be more focused on the employment levels, inflation rate, and domestic incomes. The main article is published at portal.comunique.

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