In the 1970s, about 40 years after the formation of the bank, it was turned into a wholesale bank. Interestingly, this meant it didn’t have many of the staples of the banking industry, such as checkbooks, checking accounts, and the like. Still, it thrived in this new market and with this new direction.
By 1989, it took on a far more familiar name to those who use it today: Banco BMG S.A. The next few years saw both growth and some consolidation. The leading family – the bank is now run by CEO and President Ricardo Guimarães – acquired shares from shareholders as part of this process.
In the end of the 20th century, big changes were underway. The bank shifted its focus over to employees who were working in the public sector, offering them options for payroll loans. These are still a big part of what the bank does today, even though it is now connected to Itaú Unibanco S.A., as the two joined up back in 2014.
BMG is known for having a rather conservative credit policy. This means the bank typically only works with those who have excellent portfolios. This makes them stand out in the banking world, and it’s a big part of the reason they’ve been able to stay in this industry for more than 80 years, really becoming a fixture in Brazil.
Of course, a lot of the success is also due to the tireless work of Ricardo Annes Guimarães, the CEO of the bank. He has been working at the bank for more than three decades, starting back in 1980 and rising up the ranks.
This experience is what makes Guimarães so good at what he does. He didn’t just step into this industry at the top, but had to learn it as he went, slowly gathering the knowledge that he needed to truly do a great job once he got to the position of CEO. This also helps him relate to his employees, having worked for so long in similar positions, which helps him run the company well on all levels.