Privately owned, BMG is a financial institution managed by the popular Pentagna Guimaraes family. This family has played a huge role in Brazil’s financial industry dating back to 1930. The Pentagna Guimaraes family established the Banco de Credito Predial S.A – a commercial bank offering financial products to institutions and individuals.
Until the mid ‘90s, consumer and wholesale financing was BMG’s core business. This bank was the market leader in financing light and heavy vehicles throughout the 1980s. Since 1998, things changed slightly. The bank shifted its focus to providing payroll loans.
BMG and Itau Unibanco S.A signed an association agreement in July 2012. The aim of this agreement was to offer, distribute, and commercialize payroll loans in Brazil. Banco Itau Consignado S.A was the name of the joint venture of the two organizations. BMG currently owns 40% of the voting and total capital stock while Itau Unibanco owns the remaining 60%.
Since its formation, BMG has managed to maintain a solid performance within the financial market. This bank boasts an aptitude to provide credit solutions to both companies and individuals through products such as BMG Empresas, Payroll Credit Card, BMG Realiza, and used vehicle financing. Through the Banco Itau BMG Consignado S.A, BMG bank is able to maintain its presence solidly in the payroll loan section.
With its fully professional and experienced management team, BMG chose to voluntarily adopt elevated corporate governance practices, depending on a Board of Directors. This board comprises of:
• Independent Internal Audit
• Anti-Money Laundering Program
• Code of Ethics
• Strategic Investor Relations Department
The bank considers its human capital as its core asset.
The Pentagna Guimaraes family controls BMG. Ricardo Guimaraes is the President and CEO of the bank. He has been the CEO for the company since 2004. Ricardo Guimaraes began his career at Grupo BMG S.A de C.V where he was Financial Executive Officer. The Guimaraes’ have been at the helm since the formation of the bank.
BMG has always been aware of its conventional profile. It seeks to raise its products’ profitability through responsible credit as well as the superiority of its customer portfolio. Moreover, the bank seeks to develop brand new businesses that add value to the bank and addresses the needs of its customers.
The followings pillars support the bank’s strategy:
• Operational efficiency
• Asset quality
• Human capital
• Diversification of funding sources
Judge Thomas M. Sipkins, on August 5, 2015, signed an order that appointed attorney Francisco Guerra IV lead co-council in the court action Syngenta litigation.
The Syngenta case, in which Guerra’s firm represents a number of farmers in a case that involves Syngenta’s genetically modified corn, and the impact it had on the American corn market price drop.
Guerra’s firm, Watts Guerra LLP, represents over 21,000 individual claims against Syngenta, about 92 percent of those making claims.
Of the appointment Guerra had this to say:
“I am honored to represent American farmers and other American workers and businesses. I was raised working on my family’s land, and I understand the impact of the corn market price drop caused by Syngenta’s actions.”
Guerra’s partner, Mikal Watts, is known as a super lawyer in the area of catastrophic personal injury, toxic torts, and product liability. Watts earned his undergraduate degree from the University of Texas in 1987. In 1989 hr graduated with honors from the University of Texas School of Law. His first job with a law firm was at David L. Perry & Associates. Watts founded his own firm, Harris and Watts. The firm prospered and grew. His current firm, Watts Guerra, is recognized as a top national firm with a great reputation in their areas of expertise.
Over the years Watts Guerra LLP have litigated several high profile national cases. They filed the first federal Pradaxa injury and death cases in the country. The case was resolved with a 650 million dollar settlement. Like with Syngenta, they represented a large pool of plaintiffs. The firm’s mass action claims have been particularly aimed at protecting American workers and consumers,
One of their most notable cases was an action against Ford and Firestone for injuries that resulted from Firestone Wilderness AT tire failures. This led to Ford Explorers having several rollover accidents. The case was won with a record settlement and apologies from Ford and Firestone.
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