Banco BMG is a financial firm owned by the BMG Group, which is based in Minas Gerais. Banco is the flagship business of the BMG Group. Banco deals with loan financing, and it is among the Brazilian pioneers in this industry. Banco also deals with vehicle financing. Through its Banco Schahin facility, it offers personal loans as well as CDC. Its Banco GE facility supplies to large firms, investments for companies and individuals. Banco was also the country’s pioneer in offering fund receivables.
The major specialization of the institution is offering discounted consignment loans in payrolls, pensioners INSS, for retirees, local, federal and state civil servants, military personnel and employees of the constituent firms. BMG is among the leaders in the consigned credit market in Brazil. When the 2003 Act, which controls public payroll lending was passed, the bank launched new marketing products through banking correspondents. It thrived quickly in this business and started attracting popularity in the market to an extent that its model is copied by all the other banks.
Banco BMG History
Banco BMG is the abbreviation of Banco de Minas Gerais. BMG has been in operation since the year 1930. From its inception until the late 1990s, the bank’s main focus was on consumer and wholesale financing. The firm was especially profitable in this business, and it financed numerous types of vehicles. It later started offering services in payroll loans in the Latin America. For one to understand Banco BMG’s achievement in the provision of payroll loans, it is important first to know the popularity and preference of payroll loans in South America. With a payroll loan, an entrepreneur takes a loan to enable him cover payroll costs for his employees and later repays the loans through individual deductions from the employees’ checks. The loans are very beneficial to business owners, but they may cause some problems to the employees. Since as result, they do not get all their wages. However, even with this challenge, payroll loans continue to be a very popular type of lending in the Latin America.
BMG Online Banking
The internet has a very strong presence in the global banking industry, and therefore, the bank gives online banking services to its clients. Clients visit the BMG bank’s website to make any deposits or even to verify their account balances. The services make banking services easier for the clients who lack the time to queue in bank halls due to their busy schedules.
One of the notable key players who have tremendously contributed to the success of this bank is Marcio Alaor. Alaor is the vice president of the bank. He is also a board member of the bank. Alaor has been vice president of the bank since 2001, and he has worked for it since 1977. The top banker was instrumental in enabling Banco BMG specialize more on payroll loans since the 1990s.