BMG has joined Itau Bank. The banks’ officials, Roberto Setubal and Ricardo Guimaraes, signed the historic deal. According to the agreement, the move will not affect any credit that is already in operation. The merger will see the formation of a giant company that will strive towards dominating the industry. Ricardo Pentagna Guimaraes is president of BMG while Roberto Setubal is the executive president of Itau. The two leaders made this announcement to the public.
The executive vice president of BMG, Marcio Alaor de Araujo, negotiated the deal. His excellent negotiation skills saw the companies reach a deal in just three days. Following the deal, the new corporation will be named Banco Itau BMG Consignado SA. However, the agreement will not change BMG’s area of business. The institution will still be focusing on providing Brazilian firms with payroll-deductible loans. This information was originally published on otempo.com.br as explicated in the following link http://www.otempo.com.br/capa/economia/bmg-se-associa-ao-banco-ita%C3%BA-1.283289
Changes to BMG’s operations are still minimal. The executive leaders want the integration to happen as smoothly as possible without discomforting the company’s clients. New interest rates on payroll loan financing have not been revised. In addition, other operational details have not been changed.
The merger of the two companies has created a giant company with a capital of R$ 1 billion. The bank’s headquarters will be based in Sao Paulo. According to the agreement creating the company, BMG will control 30 percent of the total and voting capital stock. Itau Unibanco will control the remaining 70 percent. The partnership will help the two companies to consolidate their grip on the Brazilian market. Moreover, they will be able to grow faster.
Speaking during the announcement, Marcio Alaor said that the partnership will see BMG’ capital increase. He estimates that there will be over R$ 800 million available to the company every month as compared to R$ 500 million that the firm could raise previously. BMG will also be able to tap into the 3 million clients at Itau’s disposal. Such aspects may soon see BMG join the rank of top ten banks in Brazil. Marcio will serve as the commercial director of Banco Itau BMG Consignado SA.
BMG’s parent company also promises to inject a further R$ 300 million into the enterprise. Itau bank will also make a contribution of R$ 700 million. These funds will ensure that the new partnership has an additional R$ 1 billion as it starts its operations.
About Ricardo Guimaraes
Ricardo Guimaraes is an executive leader and successful businessman. He is the heir to the prestigious Banco BMG, a bank owned by the family since 1998. Ricardo serves as the president of the financial institution. The experienced executive leader has managed to establish the company as a leader in personal loans and payroll loans. He has achieved this success through effective business strategies and signing strategic deals. This information was originally mentioned on Wikipedia as elaborated in the link below https://pt.wikipedia.org/wiki/Usu%C3%A1rio(a):Ricardo_Guimaraes_BMG/Ricardo_Guimar%C3%A3es_BMG